DIRECTORS REPORT Your directors are pleased to present their twenty first annual report for the nine month period ended 31-03-2016. OPERATIONS AND FUTURE PROSPECTS The operations of the company have improved year on year and is expected to further improve in the current year with commencement of operation of the expansion of the Bangalore facility Auditors m/s janardhan &associates chartered accountants Bangalore the auditors of the company retire at thise annual general meeting and are eligible for re appointment BOARD OF DIRECTORS the company is xempted from the provision of clause 49 of the listing agreement regarding minimum number of the listing agreement regarding minimum number of independent directors on the board as well a audit committee FIXED DEPOSITS the company has not accepted any fixed deposits from the public during the year DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SEC217 (2AA) OF THE COMPANIES ACT 2013. 1.in the preparation of the annual account the applicable accounting standards have been followed and there are no material departures 2.the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasobale and prudent so as to give a true and fair view of the state of affaires of the company at the end of the financial year 2015-16 and of the loss the company for the same period . 3.the directors have taken proper and sufficient care for the mintenacne of adequate accounting recors in accordance with the provision of this act for safeguarding the assets of the company and for preventing and detection fraud and other irregularities. 4. the directors have prepared the annual account on a going concern basis Particulars of employees under section 217 (2a) During the year there were no employees who were in receipt of remuneration in excess of the limits prescribed under the above the section Information under sec217.(1)(e)of the companies act 2013. Conservation of energy technology absorption : these are not applicable to the company Foreign exchange earning : nil Foreign exchange out go : nil Management discussion and analysis A report on the management discussion and analysis as required under clause 51of the listing agreement is attached herewith annexure I Corporate governance A report on the corporate governance is attached herewith as required by the amended clause 49 of the listing agreement Shareholder information The required shareholder information is furnished in annexure iii to this report Acknowledgement The directors wish to place on record their appreciation for the continued support received from their customers bankers and employees of the company BY ORDER OF THE BOARD RANGAVASANTH.B Chairman and managing directors ANITHA VASANTH Whole time directors Place : Bangalore Date : 18th may 2016. |