Dear Members,
 
Your Directors have pleasure in presenting the third Annual Report and Audited Statements of Accounts of the Company for the year ended 31st March, 2009.

FINANCIAL RESULTS
 
During the year under review the Company has incurred a loss of Rs.3,91,017, which is added to the brought forward debit balance of Rs.13,97,353 and Rs.17,88,370 being the total deficit is carried to the Balance Sheet

DIVIDEND
 
In view of the financial state of affairs of the company, your Directors do not recommend any dividend for the year.
 
AMALGAMATION
 
The amalgamation of the company was proposed by the Directors with its holding company, Kesoram Industries Limited and the same has been approved by its member in a meeting held on 23rd April, 2009 in terms of the order dated 18.03.2009 of the Hon'ble High Court at Calcutta.

FIXED DEPOSIT FROM THE PUBLIC
 
The company has not accepted any fixed deposit during the year under review.
 
AUDITORS' REPORT
 
As regards paragraph 4(f) of the Auditors' Report is concerned, the note no. 5 of the Schedule 13 on Notes on Accounts is selfexplanatory, as such requires no further explanation.
 
DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that:  

i. in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed by    the Company;
 
ii.appropriate Accounting Policies, as mentioned in Schedule 13, have been selected and applied    consistently and such judgments and estimates have been made 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, 2009 and of the    profit of the Company for the financial year ended on that date;

iii.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 preventing and detecting fraud and other irregularities; and

iv.the annual accounts have been prepared on a going concern basis.
 
PARTICULARS OF THE EMPLOYEES
 
The particulars as required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are not applicable, as such, no statement in this regard is annexed.