Amal Ltd 2011-12

Amal Ltd | Annual Report 2011-12 the new Draft Rehabilitation Scheme (DRS) and subsequently submitted the same to BIFR on February 16, 2012 for its review and approval. Insurance The Company has taken adequate insurance to cover the risks to its people, plant & machineries, buildings and other assets and third parties. Directors The status of the Board of Directors since the last Annual Report till the date of this Report is as under: Appointment of Mr Shah and Mr Jadeja as Director was approved by the Members in the last Annual General Meeting (AGM) held on August 9, 2011. According to Article 134 of the Articles of Association of the Company, Mr S S Lalbhai retires by rotation and being eligible offers himself for reappointment at the forthcoming AGM scheduled on July 24, 2012. Management Committee The day-to-day management of the Company is vested with the Management Committee which is headed by Mr Vasudev Koppaka as the Managing Director with functional heads as its Members. Corporate Governance A Report on Corporate Governance along with a certificate from the Statutory Auditors of the Company regarding compliance of the conditions of Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed. Conservation of Energy, Research & Development, Technology Absorption, Foreign Exchange Earnings & Outgo and Employees During the year, there were no employees drawing remuneration exceeding the limits been prescribed under Section 217(2A). Information required under Section 217(1)(e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 as amended from time to time, forms part of this Report. However, as per the provisions of Section 219(1)(b)(iv), the report and accounts are being sent to all the Shareholders excluding the information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo. Any Shareholder interested in obtaining such information | particulars may inspect the same at the Registered Office of the Company or write to the Company Secretary for a copy. Responsibility Statement Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that to the best of their knowledge and belief (i) In the preparation of the annual accounts, the applicable Accounting Standards were followed. (ii) Such accounting policies were selected and applied consistently and such judgements and estimates were made that were reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as on March 31, 2012 and of the loss of the Company for the year ended on that date. (iii) Proper and sufficient care was 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 preventing and detecting fraud and other irregularities. (iv) The Company has restarted its manufacturing operations at Ankleshwar site and intends to expand and diversify its operations as per the proposal submitted to the BIFR. As such, it is considered as a going concern and the attached annual accounts for the year ended March 31, 2012 were prepared on a going concern basis. Auditors Haribhakti & Co, the Statutory Auditors will retire at the conclusion of the ensuing AGM. They have given their consent to continue to act as the Statutory Auditors for 2012-13, if appointed. Acknowledgements The Board of Directors expresses its sincere thanks to all the customers, employees, investors, suppliers and Stock Exchanges for their continuing support. For and on behalf of the Board of Directors Mumbai Sunil Lalbhai May 05, 2012 Chairman