Eddy Current Control (India) Ltd. के निदेशक की रिपोर्ट

Mar 31, 2015

Dear Members,

The directors have pleasure in presenting their 44th Annual Report on the business and operations of the company together with the Audited Statement of Accounts for the year ended 31st March, 2015.

Financial Highlights:

During the year under review, performance of your company was as under fin Rs. lakh-):

Year ended Year ended 31st March 31st March Particulars 2015 2014

Revenue 126.57 154.49

Expense 117.92 149.75

Profit/(Loss) before taxation 8.65 4.74

Less: Tax Expense (0.87) 1.58

Profit/(Loss) after tax 9.52 3.16

State of the Company's Affairs and Future Outlook:

In the year of report the company has earned a profit after tax amounting to Rs.9,52,634/- as against Rs.3,15,938/- during the previous year. The company management had during the year implemented requisite measures to strengthen the performance of the company. The directors note with satisfaction that the company has been able to produce satisfactory results. The directors expect better results in the future.

Change in nature of business:

During the year of report there was no change in the nature of business of the company.

Dividend:

The Board of directors intends to retain the earnings for reinvestment purpose and as such has not recommended distribution of any dividend.

Amounts Transferred to Reserves:

The Board of the company has transferred the current year profit after tax to its revenue reserves.

Changes in Share Capital:

The share capital of the company has remained unchanged during the year.

Issue of Equity Shares with Differential Rights/Employee Stock Options/Sweat Equity Shares:

The company has not issued any shares with differential rights or shares under an employee stock option scheme or sweat equity shares during the year.

Extract of Annual Return:

The extract of Annual Return, in format MGT - 9, for the Financial Year 2014-15 is enclosed with this report

Board Meetings:

During the Financial Year 2014-15, seven (7) meetings of the Board of Directors of the company were held. The Board meetings were held on the following dates:

1) 03.05.2014 5) 27.09.2014

2) 30.06.2014 6) 03.10.2014

3) 04.07.2014 7) 06.01.2015

4) 04.09.2014

The particulars of attendance of the directors for the Board meetings are as follows:

SI. Name of Director No. of meetings attended No.

1 MDJos 7

2 Reetha jos 7

3 Mathew M j 1

4 CA Varghese 6

5 Mariamma Varghese 4

Particulars of Loan, Guarantees and Investments under Section 186:

The company has not given any loan or guarantee or provided any security pursuant to section 186 of the Companies Act, 2013 during the year.

The company has invested in 1,50,000 equity shares of Eddy Automobiles (India) Limited the value of which amounts to Rs.15,00,000/- as on 31.03.2015.

Particulars of Contract or Arrangements with Related Parties:

The particulars of contracts/arrangements entered into by the company are indicated in Form AOC - 2 enclosed with this report.

Explanation to Auditor's Remarks:

The auditor's report does not contain any qualification, reservation or adverse remark or disclaimer and hence the Board has not provided any explanation or comment on the same.

Material Changes Affecting the Financial Position of the Company:

No material changes and commitments affecting the financial position of the company have occurred between the end of the financial year and the date of the report.

Conservation of Energy, Technology, Absorption, Foreign Exchange Earnings and Outgo:

Company's R & D has identified a new application area for energy efficient SR Motors in Coal Feeder Drives. Once commercialized this will contribute to huge energy savings for the nation and also substantially improve turnover.

The company through in house R & D efforts have successfully developed a fully automated file retrieval system.

There has not been any foreign exchange earnings or outgo during the financial year.

Details of Subsidiary, Joint Venture or Associates:

No other company had become a Subsidiary, Joint Venture or Associate of the company or ceased to be so during the year.

Risk Management Policy:

The company is yet to formulate a policy for management of risk as the elements of risk threatening the company's existence are very minimal.

Details of Directors and Key Managerial Personnel:

The company had not appointed any directors during the year of report. Also there was no retirement or resignation of any director during the year.

The current director of the company, SmtReetha Jos (DIN: 01605018) is retiring by rotation in the ensuing annual general meeting and being eligible seeks re-appointment.

Details of significant & material orders passed by the regulators or courts or tribunal:

The regulators or courts or tribunals had not passed any significant or material orders during the year which impacted the going concern status of the company or the company's operations in future.

Deposits:

The company has not accepted any deposits covered under the provisions of the Companies Act, 2013 and also there are no outstanding deposits as at the end of the financial year.

Disclosure u/s 197(14):

The provisions relating to the disclosure as required under section 197(14) of the Companies Act, 2013 are not applicable to the company during the year of report

Statement in Respect of Adequacy of Internal Financial Control with Reference to the Financial Statements:

The company has an effective and adequate financial control system in place. The Board has adopted policies and procedures to ensure the orderly and efficient conduct of its business, safeguarding of its assets, the prevention and detection of frauds and errors and the accuracy and completeness of accounting records.

Declaration by Independent Director:

The company has not appointed an independent director since the provisions relating to the appointment in the Companies Act, 2013 and the rules framed there under are not applicable to the company. Hence the requirement regarding declaration of independence is not applicable.

Secretarial Audit Report:

The provisions of the Companies Act, 2013 and the rules framed there under relating secretarial audit report are not applicable to the company.

Corporate Social Responsibility (CSR) Policy:

The provisions of the Companies Act, 2013 and the rules made there under relating to Corporate Social Responsibility are not applicable to the company.

Audit Committee:

The company is not required to constitute an audit committee pursuant to the provisions of the Companies Act, 2013 and the rules made there under.

Nomination & Remuneration Committee:

The provisions of the Companies Act, 2013 and the rules framed there under relating to constitution of a nomination and remuneration committee are not applicable to the company.

Annual Evaluation:

The provisions relating to formal annual evaluation are not applicable to the company pursuant to the provisions of the Companies Act, 2013 and the rules made there under.

Vigil Mechanism:

The company is not required to constitute a vigil mechanism pursuant to the provision of the Companies Act, 2013 and the rules framed there under.

Disclosures under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013:

The company has not received any complaints during the financial year.

Disclosure u/s 143(12):

The auditors of the company have not reported any fraud pursuant to section 143(12) of the Companies Act, 2013.

Directors Responsibility Statement:

In accordance with the provisions of Section 134(5) of the Companies Act 2013, your directors confirm that:

a. in the preparation of the annual accounts for the financial year ended 31st March, 2015, 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 as at 31st March, 2015 and of the profit 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 the Companies Act 2013 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;

e. 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.

Statutory Auditors:

The present statutory auditors of the company, M/s. Vasu & jagan Associates, Chartered Accountants, Coimbatore, were appointed for a period of five years in the 43rd Annual General Meeting held on 30.09.2014. The appointment is subject to ratification in the subsequent Annual General Meetings of the company pursuant to the provisions in the Companies Act, 2013.

Cost Auditors:

The company is not required to appoint a Cost Auditor pursuant to the provisions of the Companies Act, 2013.

Acknowledgment:

We thank our valued shareholders, auditors, bankers, clients and Government authorities for their support. We place on record our appreciation of the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.

Place: Chalakudy For and on behalf of the Board of Directors

Sd/- Sd/-

Date: 04.09.2015 M D Jos (DIN: 00852883) Reetha Jos (DIN: 02120882) (Director) (Director)

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Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 43rd Annual Report with Audited accounts for the year ended 31.03.2014.

Your company''s performance during the year was satisfactory.

I. PERFORMANCE OF THE COMPANY

1. Production

Annual production during the year 2013-14 was 453 units as against 411 units during the previous year

2. Sales

The turnover of the company during the year was Rs.142.58 lakhs as against Rs.176.34 lakhs during the previous year. Your company expects a better performance in the coming year due to good inflow of orders.

3. Performance

Your company had reported a profit of Rs.8.68 lakhs as against a profit of Rs.9.67 lakhs before providing for depreciation. The net profit for the year is Rs.4.74 lakhs as against Rs.4.83 lakhs in the previous year.

4. DIVIDEND

Your Directors have recommended a Dividend of Rs.0.50/- per Equity shares (Last year Rs.0.50/ per Equity Shares) for the financial year ended 31st March 2014.

5. Foreign Exchange Earnings and Inflow

During the year company has not earned revenue in foreign exchange and there was no outflow of foreign exchange

II. CONSERVATION OF ENERGY

Energy efficient motors are being installed in machines to save on consumption of energy.

LED lighting of shop floor is being considered towards energy conservation efforts.

III. PROSPECTS OF THE COMPANY

The increased investment in Power sector is expected to bring in orders for drives but the trend towards increasing use of Variable Frequency Drives have hindered opportunities for business for drives with more orders expected for tachogenerators. Your company is already in the process of product diversification such as Office Automation products.

IV. RESEARCH, DEVELOPMENT & TECHNOLOGY ABSORPTION

Company''s R & D has identified a new application area for energy efficient SR Motors in Coal Feeder Drives. Once commercialized this will contribute to huge energy savings for the nation and also substantially improved turnover.

V. TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION

The company through in house R & D efforts have successfully developed a fully automated file retrieval system.

VI. MARKETING

The company operates through dealer networks and direct marketing efforts. Your company plans to have regional marketing offices in the near future. -

VII. INDUSTRIAL RELATIONS

Your company is having a very cordial relationship with the workmen and staff and there is co-operation and mutual trust between them.

VIII. DIRECTORS

In accordance with the Article of Association of the company, Mr. M.J. Mathew Director, is retiring by rotation and being eligible offers himself for re-appointment.

IX. AUDITORS

Your Auditors M/s.Vasan And Jagan Associates, Chartered Accountants, Coimbatore, retire at the ensuing Annual General Meeting. The Auditors are eligible and willing for re-appointment.

X. DIRECTORS'' RESPONSIBILITY STATEMENT:

As required under Section 217 (2AA) of the Companies Act 1956, the Directors state that

i) the annual accounts have been prepared by following the applicable accounting standards together with proper explanation relating to material departures;

ii) 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 or loss of the company for the year under review;

iii) the directors took 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;

iv) the directors had prepared the annual accounts on a going concern basis.

XI. COMPLIANCE CERTIFICATE:

The company has complied with all the provisions of the Companies Act, as applicable to the company and has obtained the Compliance Certificate under Section 383A(1) of the Companies Act; 1956.

XII. INFORMATION RELATING TO EMPLOYEES UNDERSECTION 217(2A) OF THE COMPANIES ACT, 1956:

There were no employees during the year who were entitled to receive emoluments including benefits aggregating to Rs.24,00,000 /- or more per year or Rs.2,00,000/- per month.

XIII. ACKNOWLEDGEMENT:

Your Directors wish to express their gratitude for the co-operation and assistance received from the Government of India, Government of Kerala and Tamil Nadu, Indian Bank, Department of Scientific and Industrial Research. Your Directors would also like to place on record their appreciation for the services rendered by the workers and staff.

By Order of the Board of Directors

Sd/- Sd/- Place : Chalakudy M D Jos Reetha Jos Date : 04.09.2014 Managing Director Director

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Mar 31, 2013

To The Members

The Directors have pleasure in presenting the 42nd Annual Report with Audited accounts for the year ended 31.03.2013.

Your company''s performance during the year was satisfactory and achieved a higher turnover as compared to last year.

I. PERFORMANCE OF THE COMPANY

1. Production

Annual production during the year 2012-13 was 411 units as against 186 units during the previous year

2. Sales

The turnover of the company during the year was Rs.176.34 lakhs as against Rs.153.81 lakhs during the previous year. Your company expects a better performance in the coming year due to good inflow of orders.

3. Performance

Your company had reported a profit of Rs.9.67 lakhs as against a profit of Rs.10.59 lakhs before providing for depreciation. The net profit for the year is Rs.4.83 laffhs as against Rs.4.591akhs in the previous year.

4. DIVIDEND

Your Directors have recommended a Dividend of Rs.0.50/- per Equity shares (Last year Rs. Nil /- per Equity Shares) for the financial year ended 31st March 2013

5. Foreign Exchange Earnings and Inflow

During the year company has not earned revenue in foreign exchange and there was no outflow of foreign exchange

II. CONSERVATION OF ENERGY

Energy efficient motors are being installed in machines to save on consumption of energy. LED lighting of shop floor is being considered towards energy conservation efforts.

III. PROSPECTS OF THE COMPANY

The increased investment in Power sector is expected to bring in orders for drives but the trend towards increasing use of Variable Frequency Drives have hindered opportunities for business for drives with more orders expected for tachogenerators. Your company is already in the process of product diversification such as Office Automation products.

IV. RESEARCH, DEVELOPMENT & TECHNOLOGY ABSORPTION

Company''s R&D has identified a new application area for energy efficient SR Motors in Coal Feeder Drives. Once commercialized this will contribute to huge energy savings for the nation and also substantially improve turnover.

V. TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION

The company through in house R&D efforts have successfully developed a fully automated file retrieval system.

VI. MARKETING

The company operates through dealer networks and direct marketing efforts. Your company plans to have regional marketing offices in the near future.

VII. INDUSTRIAL RELATIONS

Your company is having a very cordial relationship with the workmen and staff and there is co-operation and mutual trust between them.

VIII. DIRECTORS

In accordance with the Article of Association of the company, Mrs. Reetha Jos, Director, is retiring by rotation and being eligible offers herself for re-appointment.

IX. AUDITORS

Your Auditors M/s. Vasu And Jagan Associates, Chartered Accountants, Coimbatore, retire at the ensuing Annual General Meeting. The Auditors are eligible and willing for re-appointment.

X. DIRECTORS''RESPONSIBILITY STATEMENT:

As required under Section 217 (2AA) of the Companies Act 1956, the Directors state that

i) the annual accounts have been prepared by following the applicable accounting standards together with proper explanation relating to material departures;

ii) 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 or loss of the company for the year under review;

iii) the directors took 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;

iv) the directors had prepared the annual accounts on a going concern basis.

XI. COMPLIANCE CERTIFICATE:

The company has complied with all the provisions of the Companies Act; as applicable to the company and has obtained the Compliance Certificate under Section 383A(1) of the Companies Act 1956.

XII. INFORMATION RELATING TO EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956:

There were no employees during the year who were entitled to receive emoluments including benefits aggregating to Rs.24,00,000 /- or more per year or Rs.2,00,000/- per month.

XIII. ACKNOWLEDGEMENT:

Your Directors wish to express their gratitude for the co-operation and assistance received from the Government of India, Government of Kerala and Tamil Nadu, Indian Bank, Department of Scientific and Industrial Research. Your Directors would also like to place on record their appreciation for the services rendered by the workers and staff.

By Order of the Board of Directors

Sd/- Sd/-

Place: Chalakudy MD Jos Reethajos

Date : 05.09.2013 Managing Director Director

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Mar 31, 2011

The Members

The Directors have pleasure in presenting the 40tn Annual Report with Audited accounts for the year ended 31.03.2011.

Your Company's performance during the year was satisfactory and achieved a lower turnover compared to last year.

I. PERFORMANCE OF THE COMPANY

1) Production

Annual production during the year 2008-09 was 78 units as against 109 units during the previous year.

2) Sales

The turnover of the Company during the year was Rs. 166.29 lakhs as against Rs.202.60 lakhs during the previous year. Your Company expects a better performance in the coming year due good inflow of orders.

3) Performance

Your Company had reported a profit of Rs. 19.96 lakhs against a profit of Rs. 13.51 lakhs before providing for depreciation. The net profit for the year is Rs. 13.74 lakhs as against of Rs. 2.25 lakhs in the previous year.

4) Foreign Exchange earnings and outflow

During the year Company earned revenue in Foreign Exchange to the tune of Rs. 68075/- and there was no outflow of foreign exchange.

II INSTITUTIONAL LOANS/REPAYMENT OF LOANS

Your Company has fully repaid the amounts due under OTS arrived with Technology Development Board. Additonal interest claimed was also paid and your Company awaits a no due certificate

Pursuant to the decisions taken by the Board of Directors of your Company, part of some surplus barren land at the Coimbatore unit was sold and it was used to pay back term loan, working capital loan and some unsecured loans availed

III DIVIDEND

Your Directors are not recommending any dividend for the year in order to fund the increased activities of the Company.

IV CONSERVATION OF ENERGY

Enery efficient Motors are being installed in Machines to save on consumption of energy. LED lighting of shop floor is being considered towards energy conservation efforts.

V. PROSPECTS OF THE COMPANY

The increased investments in Power Sector is expected to bring in orders for drives but the trend towards increasing use of Variable Frequency Drives have hindered opportunities for business for drives with more orders expected for Tachogenerators. Your company is already in the process of product diversification such as Office Automation products

VI. RESEARCH, DEVELOPMENT & TECHNOLOGY ABSORPTION

Company's R&D has identified a new application area for energy efficient SR Motors in Coal Feeder Drives. Once commercialized this will contribute to huge energy savings for the nation and also substantially improve turnover.

VII. TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION

The Company through its in house R&D efforts have successfully developed a fully automated file retrieval system

VIII. MARKETING

The Company operates through dealer networks and direct marketing efforts .Your company plans to have regional marketing offices shortly.

IX .INDUSTRIAL RELATIONS

Your Company is having a very cordial relationship with the workmen and staff and there is cooperation and mutual trust between them.

X. DIRECTORS

In accordance with the articles of association of the company, your Director Mrs. Reetha Jos is retiring by rotation but being eligible offer herself for reappointment.

XI. DIRECTOR'S RESPONSIBILITY

Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Director's confirm that: (1) In the preparation of the annual accounts the applicable accounting standards have been followed along with proper explanation relating to material departures. (II) 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 year and of the profit of the Company for that period. (Ill) 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 irregularities. (IV) The Directors have prepared the annual accounts on a going concern basis

XII. AUDITORS

The Auditors Vasu Jagan and Associates retire at the ensuring Annual General Meeting but being eligible offer themselves for reappointment.

AUDITORS REPORT

The Company has started introducing informal internal audit system to correct deficiencies set out in the Auditors report.

XIII. INFORMATION RELATING TO EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT 1956.

There were no employees during the year who were on receipt of or were entitled to receive emoluments including benefits, aggregating to Rs.24,00,000/- or more per year or Rs. 2,00,000/- per month.

XIV. ACKNOWLEDGEMENTS

Your Directors wish to express their gratitude for the co-operation and assistance received from the Government of India, Government of Kerala and Tamil Nadu, Indian Bank, Department of Scientific and Industrial Research . Your Directors would also like to place on record their appreciation for the services rendered by the workers and staff.

By order of the Board of Directors

Sd/- Sd/-

M.D. Jos Reetha Jos Managing Director Director

06.09.2011 Chalakudy

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Mar 31, 2010

The Directors have pleasure in presenting the 39th Annual Report with Audited accounts for the year ended 31.03.2010.

Your Companys performance during the year was satisfactory and achieved a marginally higher turnover compared to last year.

I. PERFORMANCE OF THE COMPANY

1) Production

Annual production during the year 2008-09 was 109 units as against 179 units during the previous year.

2) Sales

The turnover of the Company during the year was Rs.202.60 lakhs as against Rs. 199.52 lakhs during the previous year. Your Company expects a better performance in the coming year due good inflow of orders.

3) Performance

Your Company had reported a profit of Rs. 13.67 lakhs against a profit of Rs. 9.80 lakhs before providing for depreciation. The net profit for the year is Rs.2.41 lakhs as against of Rs. 0.13 lakhs in the previous year.

4) Foreign Exchange earnings and outflow

During the year Company earned revenue in Foreign Exchange to the tune of Rs. 93,600/- and there was no outflow of foreign exchange.

II INSTITUTIONAL LOANS/REPAYMENT OF LOANS

Your Company has fully repaid the amounts due under OTS arrived with Technology Development Board.

Pursuant to the decisions taken by the Board of Directors of your Company, it was decided to dispose part of some surplus barren land at the Coimbatore unit and pay back the long term and short term loans of the Company availed from Indian Bank.

III DIVIDEND

Your Directors are not recommending any dividend for the year in order to fund the increased activities of the Company.

IV CONSERVATION OF ENERGY

Enery efficient Motors are being installed in Machines to save on consumption of energy. LED lighting of shop floor is being considered towards energy conservation efforts.

V. PROSPECTS OF THE COMPANY

The increased investments in Power Sector has brought in a flow of orders for Drives for Coal feeders from BHEL Trichy/Hyderabad as well as replacement of Stokker drives from existing Thermal power stations.

During the year the company is negotiating an order with Redler India Pvt Ltd, subsidiary of a US based feeder manufacturer to increase the supplies to energy sector across various spectra of Industries.

VI. RESEARCH, DEVELOPMENT & TECHNOLOGY ABSORPTION

Companys R&D has identified a new application area for energy efficient SR Motors in Coal Feeder Drives. Once commercialized this will contribute to huge energy savings for the nation and also substantially improve turnover.

VII. TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION

The Company through its in house R&D efforts have successfully developed Motorised Wheel Chairs and assimilated a technology developed by CDAC.

VIII. MARKETING

The Company operates through an arrangement entered in to with EMTICI (an ELECON group Company) who has extensive offices and dealership network. This is expected to improve the business substantially.

IX .INDUSTRIAL RELATIONS

Your Company is having a very cordial relationship with the workmen and staff and there is cooperation and mutual trust between them.

X. DIRECTORS

In accordance with the articles of association of the company, your Director Mr. Christo George is retiring by rotation but being eligible offer himself for reappointment.

XI. DIRECTORS RESPONSIBILITY

Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors confirm that: (1) In the preparation of the annual accounts the applicable accounting standards have been followed along with proper explanation relating to material departures. (II) 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 year and of the profit of the Company for that period. (Ill) 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 irregularities. (IV) The Directors have prepared the annual accounts on a going concern basis

XII. AUDITORS

The Auditors M/s.S.Krishnamoorthy & Co. Tatabad, Coimbatore and Vasu Jagan and Associates retire at the ensuring Annual General Meeting. M/s S.Krishnamoorthy & Co have expressed their unwillingness for a re-appointment while Vasu & Jagan Associates being eligible offer themselves for reappointment.

AUDITORS REPORT

The Company has started introducing informal internal audit system to correct deficiencies set out in the Auditors report.

The Companys Bankers had done a physical verification of all fixed assets and done a valuation and has accepted the ABS figures as the value of plant and Machinery. This has been taken as the basis for determining provision for impairment to assets by the Company. As such no separate valuation was considered necessary

XIII. INFORMATION RELATING TO EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT 1956.

There were no employees during the year who were on receipt of or were entitled to receive emoluments including benefits, aggregating to Rs.24,00,000/- or more per year or Rs. 2,00,000/- per month.

XIV. ACKNOWLEDGEMENTS

Your Directors wish to express their gratitude for the co-operation and assistance received from the Government of India, Government of Kerala and Tamil Nadu, Indian Bank, Department of Scientific and Industrial Research. Your Directors would also like to place on record their appreciation for the services rendered by the workers and staff.



By order of the Board of Directors

Sd/- Sd/-

02.09.2010 M.D. Jos Reetha Jos

Chalakudy Managing Director Director