MANAGEMENT DISCUSSION AND ANALYSIS REPORT: The Management Discussion and Analysis Report has been brsented in a separate section forming a part of this Annual Report. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to the requirements of Section 217 (2AA) of the Companies Act, 1956 it is hereby confirmed that, (a) in the brparation of the annual accounts for the financial year ended 31st March, 2009, the applicable standards have been followed; (b) The Directors have selected appropriate accounting policies and applied them consistently, and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company as on 31st March, 2009 and the profits of the Company for the year ended 31st March, 2009; (c) Proper and sufficient care has been taken 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 brventing and detecting fraud and other irregularities; and (d) The Directors have brpared the accounts for the financial year ended 31st March, 2009 on a 'going concern' basis. COMPLIANCE CERTIFICATE: Pursuant to Section 383A of the Companies Act, 1956, the Company has obtained the requisite Certificate from a Company Secretary. AUDITORS: M/s. S. A. Pancha & Co. Chartered Accountants, Mumbai, Auditors of the Company will retire at the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a letter from M/s. S. A. Pancha & Co. to the effect that their appointment as Auditors would be made in accordance with the provisions of Section 224(1 B) of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:(information required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988) A. Conservation of Energy The Company's operations involve low energy consumption. Wherever possible, energy conservation measures have already been implemented. However, efforts to conserve and optimize the use of energy through improved operational methods and other means will continue. Besides, the requirement to furnish particulars under this head is not applicable to footwear industry in terms of the Schedule to the Companies (Disclosure of Particulars in the Board of Directors) Rules, 1988. B. Absorption of Technology, Research and Development (R & D) The operations of the Company do not involve any technology absorption. The Company has not imported any technology during the brvious years and has no technical collaboration with any party. ACKNOWLEDGEMENTS The Directors thank all the employees for their dedication and support. The Directors also thank the Customers, Suppliers, Agents, Bankers and Business Associates for their co-operation and support. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS sd/- Rafique A. Malik Managing Director PLACE: Mumbai DATED: 24th July, 2009 |
