The Directors are pleased to present the 26th Annual Report on the
business and operations of the Company for the year ended March 31,
FINANCIAL RESULTS: (Rs. in Millions)
2011-12 2010-11 2011-12 2010-11
Sales & Other Income 78,530.12 51,303.47 126,463.83 94,809.63
Expenditure 73,495.87 47,938.72 116,906.98 88,376.11
Finance Cost 2,509.45 1,043.98 4,077.24 2,217.70
Ammortisation Expenses 34.66 33.56 294.70 563.72
Exceptional Items 97.23 2.44 50.54 180.67
Profit before Taxes 2,587.37 2,289.65 5,235.45 3,832.77
Provision for Current Tax 519.00 45.00 920.52 404.13
Provision for Deferred Tax 3.98 (1.38) 21.19 (137.01)
Provision for MAT (Credit) (519.00) -- (601.27) --
Net Profit for the Year 2,583.39 2,246.03 4895.01 3,565.65
Profit brought forward
from earlier Years 7,920.56 6,450.45 10,387.29 7,601.60
Amount available for
Appropriation 10,503.95 8,696.48 15,278.29 11,166.53
(including Dividend Tax) 317.72 295.92 317.72 295.92
Transfer to General Reserve 265.00 230.00 265.00 230.00
Capital Redemption Reserve - - - 3.33
Reserve 250.00 250.00 250.00 250.00
Balance Carried to
Balance Sheet 9,671.23 7,920.56 14,445.57 10,387.29
(1 Million=10 Lakhs)
TURNOVERS & PROFITS
Your Directors wish to inform you that during the financial year ended
March 31, 2012 the sales and other income increased from Rs. 51303.47
Million to Rs. 78530.12 Million. The net profit before tax stood at Rs.
2587.37 million as against Rs. 2289.65 million in the previous year.
The net profit after tax stood at Rs. 2583.39 million as against Rs.
2246.03 million in the previous year.
1. DIAMOND AND JEWELLERY MANUFACTURING
The Company is engaged in an end-to-end diamond processing chain which
begins with Marking, Cleaving, Sawing, Cutting and finally, Polishing.
Gitanjali procures rough diamonds from various major reputed diamond
suppliers across the globe. These rough diamonds are processed and
polished in modern diamond manufacturing facilities. The Company is
making conscientious efforts in addressing the large market
opportunities that exist in the Diamond Segment both in India and
abroad. Converting diamonds into jewellery is a lucrative proposition
and the company also has state of the art jewellery manufacturing
facilities catering to domestic as well as International requirements.
2. BRANDED JEWELLERY AND RETAIL SEGMENT
The branded jewellery segment of the company is an India focused
segment, which sells jewellery through over 4,000 points of sales
across the country. Gitanjali owns 8 out of the top 10 brands in the
country. The Group''s “Gili” brand of jewellery, introduced in 1994, was
among one of the first jewellery brand introduced in India. The Group''s
brands and sub-brands are aimed at different customer profiles, various
markets and price segments and enjoy significant brand equity and
market share. Gitanjali''s brand portfolio includes leading jewellery
brands like GILI, Nakshatra, Asmi, Sangini, D''damas, Maya Gold, etc.
The other important brands under various sections including jewellery,
fashion accessories, watches and silver ware are Vivaaha, Glitterati,
Diya, Stefen Hafner, Shuddhi, Nizam, Lucera, Revv, Rivaaz, Giantti,
World of Solitaire, Me Solitaire, World of Silver, Bezel, Morellato
Asmi, Gili, Nakashtra and D''Damas have become leading brands today in
the jewellery segment in India. Gitanjali has also launched new brands
such as Amore and GDivas in India as part of its constant endeavour to
extend its product range thereby, rapidly filling gaps and addressing
an ever-growing demand for branded jewellery in India.
Consumer preferences have changed and lifestyles have improved in
India. Retailing in India has also undergone a transformation. This has
filtered through to the jewellery business creating opportunities for
modern retail formats and chains. Gitanjali has been the pioneer in the
branded jewellery segment and is amongst the first few companies to
launch its own outlets to sell branded jewellery in India. Gitanjali is
present across most modern retail formats such as shop-in- shops in
large departmental stores and both, multi-brand outlets and exclusive
brand outlets under owned and franchised stores. Gitanjali has extended
its retail presence across outlets through an increase in the number of
doors in order to take advantage of these opportunities. Gitanjali has
a retail footprint of 1.7 mn sq. ft. It is focused strategically on
expanding through the franchisee channel. This has allowed it an access
to markets in smaller Indian towns and cities rapidly.
3. INTERNATIONAL DISTRIBUTION AND RETAIL SEGMENT
Besides operations in India, Gitanjali has a strong presence in leading
jewellery markets of the world. It has the retail chain of
Samuels in USA with 110 stores. In the Middle East, it has four stores
in Dubai and over 50 distribution points through leading retail chains
of GCC countries.
In China, Gitanjali has distribution through a chain of 40 stores and a
manufacturing facility for local as well as international supply. In
Japan, it has a significant stake in Gems London Company Ltd which owns
Gems TV, one of the leading Jewellery selling TV Channels of the world
as well as a strong distribution network supplying to other leading
retail chains of Japan. In the design capital of the world, Italy,
Gitanjali owns leading brands such as Stefan Hafner, Io Si, Nouvelle
Bague, Porrati and Valente. The Italian brands and designs are
available to penetrate markets such as Russia, Saudi Arabia, China and
the Far-east. Through its recent acquisition, Gitanjali also has a well
established distribution chain in UK supplying its jewellery to leading
retail chains in UK and in the rest of Europe.
Your Directors recommended a dividend of Rs 3/- per equity share for
the year ended March 31, 2012. The payment of dividend is subject to
the approval of shareholders at the ensuing Annual General Meeting.
TRANSFER TO RESERVES
The Company proposes to transfer Rs. 265.00 million to the general
reserve out of the total amount of Rs. 10503.95 million available for
appropriations as on March 31, 2012.
The Company issued 943396 warrants convertible into equal number of
Equity Shares on Preferential Basis at a price of Rs. 424/- per
Warrant to Bennett Coleman and Company Limited (BCCL). Pursuant to
notice received from BCCL for conversion of Warrants Company allotted
943396 equity shares of Rs. 10 each on 4th August, 2012. Consequent to
aforesaid conversion the paid up capital of the Company has increased
from Rs. 911,220,950/- consisting of 91122095 equity shares of Rs. 10
each to Rs. 920,654,910/- consisting of 92065491 equity shares of Rs.
FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs)
The Company had raised USD 110 Million by way of issuance of FCCBs as
per Offering Circular dated November 26, 2006 for utilization of funds
towards overseas acquisition and infrastructure activities and
development of Special Economic Zone (SEZ). Till the date of maturity,
FCCBs worth USD 69.74 Million were converted into 12748162 Equity
shares of Rs. 10 each of the Company at applicable conversion rates. On
November 25, 2011 balance amount of outstanding FCCBs of Rs. 40.26
million were redeemed at a premium of 42.052%.
GLOBAL DEPOSITORY RECEIPTS (GDRs)
The Company had a balance of USD 0.066 million from its GDR Proceeds as
on 1st April, 2011. During the year ended March 31, 2012 the Company
has not utilized any GDR proceeds. Further, during the year under
review the Company has earned an interest of USD 0.006 million on the
said deposit. As on March 31, 2012 the balance net proceeds of GDR of
USD 0.072 million were kept as deposits with overseas banks pending
EXTERNAL COMMERCIAL BORROWING (ECB)
During the year under review the Company has raised funds through ECB
routes from Banks aggregating to USD 107.19 million.
Out of the above ECB proceeds USD 57.19 million was utilized for
redemption of outstanding FCCBs and USD 50 Million was utilized towards
CAPEX in SEZ unit in Hyderabad and investment in overseas subsidiaries.
DELISTING OF GLOBAL DEPOSITORY RECEIPTS (GDRS) FROM LONDON STOCK
EXCHANGE AND FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs) FROM SINGAPORE
As 1% Foreign Currency Convertible Bonds (FCCBs) of the Company listed
on Singapore Stock Exchange have matured and been redeemed and also the
entire Global Depositary Receipts listed on London Stock Exchange has
been converted into Equity Shares of the Company, both securities have
been delisted/cancelled from the respective Stock Exchanges.
The Company has the following Subsidiaries/ Step down Subsidiaries as
1. Gitanjali Limited
2. Gitanjali Exports Corporation Limited
3. Gitanjali Brands Limited
4. Gitanjali Infratech Limited
5. Hyderabad Gems SEZ Limited
6. Gitanjali Lifestyle Limited
7. Nashik Multi Services SEZ Limited
8. Gitanjali Jewellery Retail Limited
9. Samuels Jewelers Inc.
10. Gitanjali USA, Inc.
11. Gitanjali Ventures DMCC
12. Decent Securities & Finance Private Limited
13. Eureka Finstocks Private Limited
14. MMTC Gitanjali Private Limited
15. Gitanjali Capital Pvt Ltd.
16. Aston Luxury Group Limited
17. N&J Finstocks Private Limited
STEP DOWN SUBSIDIARIES
1. Tri-Star Worldwide LLC (Subsidiary of Gitanjali USA, Inc.)
2. Maya Retail Limited (Subsidiary of Gitanjali Lifestyle Limited)
3. MobileNxt Teleservices Pvt. Ltd (Subsidiary of Gitanjali Lifestyle
4. Diamlink Inc. USA (Subsidiary of Gitanjali USA, .Inc)
5. Diamlink Jewelery Inc. (Subsidiary of Diamlink Inc. USA)
6. Jewelry Marketing Comp, LLC (Subsidiary of Diamlink Jewelery Inc)
7. LJOW Holdings, LLC (Subsidiary of Diamlink Jewelery Inc)
8. Gili India Limited (Subsidiary of Gitanjali Brands Limited)
9. Brightest Circle Jewellery Limited (Subsidiary of Gitanjali Brands
10. D''Damas Jewellery (India) Private Limited (Subsidiary of Gitanjali
11. Shubhalavanya Jewel Crafts Private Limited (Subsidiary of
Gitanjali Brands Limited)
12. Asmi Jewellery India Limited (Subsidiary of Gitanjali Brands
13. Spectrum Jewellery Limited (Subsidiary of Gitanjali Brands
14. Gitanjali Resources BVBA (Subsidiary of Aston Luxury Group Ltd)
15. GGL Diamonds LLC (Subsidiary of Gitanjali USA)
*16. Leading Jewels of Japan KK (Subsidiary of Aston Luxury Group Ltd)
*17. Leading Singapore Jewels Pte Ltd (Subsidiary of Aston
Luxury Group Ltd)
18. Leading Italian Jewels SRL (Subsidiary of Aston
*19. Alfred Terry Limited (Subsidiary of Aston Luxury Group Ltd)
(Formerly known as Alfred Terry Holding Limited)
*20. Terry Alfred Limited (Subsidiary of Alfred Terry Limited)
(Formerly known as Alfred Terry Limited)
21. BLU Srl (Subsidiary of Leading Italia Jewels Srl)
*22. Crown Aim limited (Subsidiary of Aston Luxury Group Ltd)
*23. Forever Prime Inc (Subsidiary of Aston Luxury Group Ltd)
*24. Aston Luxury Retails Ltd (Subsidiary of Forever Prime
*Acquired/Incorporated during the year
a. West Bengal SEZ Limited, Kolkata Axis Mall Limited, Raigad Gems SEZ
Limited, Gitanjali Retail Ventures Limited, Cria Jewellery Private
Limited and Mohar Jewels Limited were struck off from the register of
Companies of ROC, Mumbai under Fast Track Exit mode for defunct
companies under section 560 of the Companies Act,1956.
b. Modali Gems Private Limited have made an application under Fast
Track Exit mode for defunct companies under section 560 of the
Companies Act, 1956 to ROC, Mumbai. The same is under process of Strike
c. A statement containing brief financial details of subsidiaries is
included in the annual report.
The Ministry of Corporate Affairs, Government of India vide circular
no. 2/2011 dated 8th February, 2011 has granted general exemption from
attaching the Balance Sheet, Profit and Loss Account and other
documents of the subsidiary companies with the Balance Sheet of the
Company, as set out in sub-section (1) of Section 212 of the Companies
Act, 1956. Accordingly, the Board of Directors in their Meeting held on
21st May, 2012, passed a resolution giving consent for not attaching
the Balance Sheet, Profit and Loss Account and other documents of the
subsidiary companies with the Balance Sheet of the Company. A
statement containing brief financial details of the Company''s
subsidiaries for the financial year ended March 31, 2012 is included in
the Annual Report.
The Company will make available the Annual Accounts of the subsidiary
companies and the related detailed information to any member of the
Company who may be interested in obtaining the same. The annual
accounts of the subsidiary companies will also be available for
inspection as above at office of the Company situated at Bldg. No.
2/101, Jogani Complex, Behind Amar – Brass, Manipada Road, Kalina,
Santacruz (E), Mumbai – 400 098. The Company shall furnish a copy of
details of annual accounts of subsidiaries to any member on demand. We
believe that the consolidated accounts present a full and fair picture
of the state of affairs and the financial condition and are accepted
globally. The Consolidated Financial Statements presented by the
Company includes the financial results of its subsidiary companies.
CONSOLIDATED FINANCIAL STATEMENTS
Your Directors have pleasure in attaching the consolidated financial
statement pursuant to Clause 32 of the Listing Agreement entered into
with Stock Exchange and prepared in accordance with applicable
accounting standards prescribed by Institute of Chartered Accountants
of India in this regard. The Auditors report does not contain any
RELATED PARTY TRANSACTIONS
Related party transactions have been disclosed in the notes to
FIXED DEPOSITS AND LOANS & ADVANCES
During the year under review, your Company has neither invited nor
accepted any fixed deposits from the public within the meaning of
Section 58A of the Companies Act, 1956.
Mr. M. S. Sundararajan and Mr. Sunil Varma have been appointed as
Additional Directors on March 21, 2012 and May 21, 2012 respectively.
Mr. M. S. Sundararajan is an Independent Director and Mr. Sunil Varma
is an Executive Director. As per the provisions of Section 260 of the
Act, both the Directors hold office only up to the date of the
forthcoming Annual General Meeting (AGM) of the Company and are
eligible for appointment as Directors. The Company has received notices
under Section 257 of the Act, in respect of the above persons, from a
member of the Company proposing their appointment as a Director of the
Company. Resolutions seeking approval of the members for the
appointment of Mr. M. S. Sundararajan and
Mr. Sunil Varma as Directors of the Company have been incorporated in
the Notice of the forthcoming AGM along with brief details about them.
Mr. Sunil Varma is appointed as Whole Time Director of the Company
w.e.f. May 21, 2012 upto May 20, 2017 and will not be liable to retire
The term of appointment of Mr. Mehul C. Choksi as Managing Director
came to an end on 31st July, 2012 and he was reappointed for a further
period of 5 years with effect from 1st August, 2012 to till 31st July,
2017 in Board of Directors Meeting held on 21st May, 2012. He will not
be liable to retire by rotation.
Mr. Nehal Modi and Mr. S. Krishnan, Directors, are retiring by rotation
and being eligible have offered themselves for re- appointment. Your
Directors recommend their re-appointment for your approval.
A Brief profile of all the Directors on the Board has been given in
Separate Section of the Annual Report.
REGISTERED OFFICE ADDRESS
The registered office of the Company has been shifted from 801/802,
Prasad Chambers, Opera House, Mumbai – 400 004 to A-1, 7th Floor, Laxmi
Tower, Bandra – Kurla Complex, Bandra (E), Mumbai – 400 051. The same
was approved by the Board of Directors in their meeting held on 11th
AUDITORS & AUDITORS REPORT:
M/s. Ford, Rhodes, Parks & Co., Chartered Accountants, the present
Statutory Auditors retire at the ensuing Annual General Meeting and are
eligible for re-appointment u/s 224 (1B) of the Companies Act, 1956.
The company proposes to re-appoint M/s. Ford, Rhodes, Parks & Co.,
Chartered Accountants as Statutory Auditors of the company from the
conclusion of the ensuing Annual General Meeting up to the conclusion
of the next Annual General Meeting of the company.
The Audit Committee and the Board recommend the appointment of M/s.
Ford, Rhodes, Parks & Co., Chartered Accountants as Statutory Auditors
of the company.
In respect of the observations made by Auditors in their report, your
Directors wish to state that the respective notes to the Accounts are
self explanatory and therefore do not call for any further comments.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
(i) that in the preparation of the annual accounts, for the financial
year ended March 31, 2012, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any;
(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 as at March 31, 2012 and of the profit of the
Company for the said 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
(iv) that the Directors have prepared the accounts for the financial
year ended March 31, 2012 on a ‘going concern'' basis.
The above statements have been reviewed by the Audit Committee at its
meeting held on 21st May, 2012.
SIGNIFICANT DEVELOPMENTS DURING THE YEAR
(a) As a part of the restructuring exercise of the Company as being
advised by KPMG inorder to consolidate and realign the Branded
Jewellery business, the Company has transferred its entire stake of
following Subsidiaries to Gitanjali Brands Limited another Subsidiary
of the Company:
1. Gili India Limited
2. Brightest Circle Jewellery Limited
3. D''Damas Jewellery (India) Private Limited
4. Asmi Jewellery India Limited
5. Spectrum Jewellery Limited
6. Shubalavnyaa Jewel Crafts Private Limited
(b) During the year, the Company through its Hong Kong based wholly
owned subsidiary Aston Luxury Group Limited has incorporated a wholly
owned subsidiary (WOS) In the name of Leading Singapore Jewels Pte.
Ltd in Singapore with a view to expand it''s business in Singapore and
the Far Eastern regions.
(c) During the year, as a part of an ongoing exercise of re- aligning
and restructuring of the International business of the Company, the
Company has transferred it''s stake In ''Leading Italian Jewels S.R.L.''
to ''Aston Luxury Group Limited'', a Hong Kong based wholly owned
subsidiary of the Company. Further Giantti Italia S.r.l, a Milan based
subsidiary of the Company has merged with Leading Italian Jewels S.r.l.
(d) During the year, Aston Luxury Group Limited , a wholly owned
subsidiary of the Company has acquired entire stake in Crown Aim
Limited. It is a Hong Kong based company engaged in the business of
distribution of Jewellery to china, Japan, USA, middle east and Europe.
In Addition, Crown Aim has a Jewellery manufacturing unit in China and
plans to setup retailing of Jewellery in China. With the above
acquisition company has acquired control over its subsidiaries which
are engaged in the business of distribution of Jewellery in UK.
(e) During the year, Aston Luxury Group Limited , a wholly owned
subsidiary of the Company has acquired entire stake in
Leading Jewels of Japan KK with a view to expand its business in Japan
and the adjoining region.
The main activity of Leading Jewels of Japan KK is Production, sales,
purchase, import, and export of diamonds, precious stones, jewels and
(a) The Company issued 943396 warrants convertible into equal number of
Equity Shares on Preferential Basis at a price of Rs. 424/- per Warrant
to Bennett Coleman and Company Limited (BCCL). Pursuant to notice
received from BCCL for conversion of Warrants Company allotted 943396
equity shares of Rs. 10 each on 4th August, 2012.
(b) The Board of Directors of the Company at their meeting held on 11th
August, 2012 decided to issue 1 (one) Zero Percent Fully Convertible
Debenture (FCD) having face value of Rs. 39,00,00,000/- (Rupees Thirty
Nine Crores only) on preferential basis in accordance with the SEBI
(Issue of Capital and Disclosure Requirements) Regulations, 2009 as
amended from time to time to D. B. Corp Limited which is subject to
approval of shareholders in ensuing Annual General Meeting.
All the corporate benefits in terms of securities, accruing to on these
unclaimed shares shall be credited to such account. Voting rights on
these shares shall remain frozen till the rightful owner of such shares
claims the shares.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report of financial condition
and results of operations of the Company for the year under review as
required under Clause 49 of the Listing Agreement with the Stock
Exchanges, is given as a separate statement forming part of this Annual
OUTLOOK FOR 2012-13
Currently, India is the world''s leading diamond cutting and polishing
country and also the largest consumer of polished diamonds after the US
and Japan. Urbanization and a rapidly expanding middle class have
helped trigger Indian consumerism especially in the gems and jewellery
Overall the year 2012-13 will be a year where Gitanjali plans to
increase the number of owned stores and franchisees in India and
overseas. All the Company''s stores will be on revenue sharing models
whereby the rentals and the capital expenditure will be borne by the
developer/owner. The Company will have a variable outflow of revenue
share against its investment in capex and monthly rentals. Besides, the
company''s core focus is to expand through the franchising route and to
open some flagship stores and attract franchisees.
The growth potential of the Indian business and profit unlocking from
the brands converting into retail chains have a huge upside in the
valuation of the company. The existing shareholders will also benefit
from the business restructuring undertaken by the company under the
advice of KPMG, as the exercise has significant value unlocking
potential for the shareholders.
The company would continuously strive to gain by capitalizing on the
business model and the Indian demand for diamond jewellery and share
the resultant benefits with its stakeholders.
AWARDS AND RECOGNITIONS
9 The Company has won the Blue Dart Global CSR Award for
‘Best Corporate Social Responsibility Practice Overall'' at a glittering
ceremony on 18th February 2012. The Hon''ble Union Minister of Corporate
Affairs, Dr. M. Veerappa Moily presented the global CSR award.
0 The Company has won ''Category Leader - Luxury eRetailer of the Year''
and ''Special Award - Most Innovative eRetailer of the Year'' Awards at
recently held Indian eRetail awards, 2012.
These awards recognised the efforts of the Company in the creation of
path breaking trends and unprecedented innovations in the online retail
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out
by SEBI. The Company has also implemented several best corporate
governance practices as prevalent globally. The Report on Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
part of the Annual Report. The requisite Certificate from the Auditors
of the Company confirming compliance with the conditions of Corporate
Governance as stipulated under the aforesaid Clause 49 is attached to
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Gitanjali Gems Limited spread its wings in the social sector under its
CSR umbrella “ SAMBHAV”.
The company continues to do its bit for the society in the field of
health, education and empowerment through its programs SUJYOT,SAKSHAR
The new addition to its CSR initiative is SUJYOT a medical van that
runs in rural areas of Palanpur in Gujarat in collaboration with the
Wockhardt foundation. More than 6000 people have been benefitted from
The company maintains a stern focus on its empowerment initiative
Saksham where the strength of the specially disabled employees (PWD)
has gradually increased from 118 in 2009 to 245 in 2012.Efforts were
put in to design and conceptualize the Training Manual / handbook for
Inclusion of Specially disabled.
The CSR department also conducted various awareness seminars and first
aid training along with social activities like blood donation camps,
visit to the schools for underprivileged by its employees.
The detailed CSR initiatives undertaken by the Company is also
available on the Company''s website www.gitanjaligroup.com.
Employee relations continued to be cordial during the year. The
Company continued its thrust on Human Resource Development. The Board
wishes to place on record its sincere appreciation to all the employees
of the Company for their sustained efforts and immense contribution to
the high level of performance and growth of the business during the
PARTICULARS OF EMPLOYEES
The Board of Directors wishes to express its appreciation to all
employees for their outstanding contribution to the operations of the
Company during the year.
During the year under review there were no employees drawing
remuneration covered under the Sub-Section (2A) of Section 217 of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended. Hence no particulars in this regard are
furnished in the report.
INFORMATION UNDER SECTION 217(1)(e) OF COMPANIES ACT, 1956 READ WITH
COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF
DIRECTORS) RULES 1988:
A. CONSERVATION OF ENERGY
The Disclosure of particulars with respect to conservation of energy
pursuant to Section 217 (1)(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not applicable to the Company. However, the
Company makes its best efforts for conservation of energy.
B. TECHNOLOGY ABSORPTION, ADAPTATIONS & INNOVATION
The Company has not carried out any specific research and development
activities. The Company uses indigenous technology for its operations.
Accordingly, the information related to technology absorption,
adaptation and innovation is reported to be NIL.
We thank our customers, vendors, investors and bankers for their
continued support during the year. We place on record our appreciation
of the contribution made by the employees at all levels. Our consistent
growth was made possible by their hard work, solidarity, co-operation,
We thank the Governments of various countries where we have operations.
We also thank the Government of India, Ministry of Commerce & Industry,
Ministry of Corporate Affairs, Ministry of Finance, Department of
Economic affairs, Customs & Excise Departments, Income Tax Department,
Reserve Bank of India, BSE, NSE, NSDL, CDSL and various bankers,
various State Governments and other Government Agencies for their
support, and look forward to their continued support in the future.
On behalf of the Board of Directors
Place : Mumbai Mehul C. Choksi
Date : August 11, 2012 Chairman & Managing Director