2010-11 - Grasim

ULTRATECH CEMENT
MIDDLE EAST INVESTMENTS LIMITED
DIRECTOR
ORS’ REPORT TO THE SHAREHOLDER
OLDERS
Dear Shareholders,
Your Directors present the Second Annual Report
together with the Audited Accounts of your Company
for the year ended 31 st March, 2011.
CORPORATE DEVELOPMENT
During the year under review, your Company completed
the acquisition of ETA Star Cement together with its
operations in the UAE, Bahrain and Bangladesh and
acquired management control.
FINANCIAL RESULTS
AED in Million
Particulars
2010-20
0-2011
Gross Turnover 300.89
Profit / (Loss) Bef
efore Depreciation
and Tax
(5.54)
Depreciation 36.65
Profit / (Loss) Bef
efore
Tax
(42.19)
Tax Expenses
NIL
Profit/(L
rofit/(Loss) oss) after tax
(42.19)
Add: Balance brought forward
from Previous Year (0.03)
Minority Interest (7.42)
Balance transfer
erred red to Balance Sheet (34.80)
AUDI
UDITOR
ORS
M/s Mahendra Asher & Co., Chartered Accountants,
Dubai were appointed Statutory Auditors of your
Company from the conclusion of the previous Annual
General Meeting until the conclusion of the ensuing
Annual General Meeting. It is proposed to appoint M/
s. KPMG, Chartered Accountants, Dubai as Statutory
Auditors of your Company in place of M/s. Mahendra
Asher & Co., Chartered Accountants.
The Board recommends the appointment of M/s.
KPMG, Chartered Accountants, Dubai as auditors of
your Company to hold office from the conclusion of
the ensuring Annual General Meeting until the
conclusion of the next Annual General Meeting.
AUDI
UDITOR
OR’S REPORT
There are no adverse comments, observation or
reservation in the Auditor’s Report on the Annual
Accounts of your Company.
The Notes to the Accounts referred to in the Auditor’s
Report are self explanatory and therefore do no call
any further comments from the Directors.
APPRECIATION
Your Directors take this opportunity to express their
appreciation to all your Company’s stakeholders for all
the support and co-operations extended by them and
look forward to their continued support in future.
For and on behalf of the Board of Directors
CORPORATE GOVERNANCE
Your Directors reaffirm their continued commitment to
good corporate governance practices. During the year
under review, your Company complied with relevant
laws of UAE.
Place: Dubai
Date : 21 st April, 2011
O. P. Puranmalka
K. C. Birla
}
Director
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