UB ENGINEERING LIMITED NOTICE OF ANNUAL ... - UB Group

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The consolidated Financial Statements prepared in terms of accounting standards and ListingAgreements includes financial information of the Subsidiary.DEPOSITORY SYSTEM :The trading in the equity shares of your Company is under compulsory dematerialization mode.As of date, equity shares representing 85.11% of the equity share capital are in dematerializedform. As the depository system offers numerous advantages, members are requested to takeadvantage of the same and avail of the facility of dematerialization of the Company’s shares.CORPORATE GOVERNANCE:Corporate Governance Report and Auditors’ Certificate as to Compliance thereof forms part ofthis Annual Report.DIRECTORS :Mr. Naval Chaudhary and Mr. Sudhir Goyal resigned with effect from March 21, 2008 andMarch 25, 2008. Mr. N. Srinivasan, Mr. B. Viswanath and Mr. Sudhir Goyal were appointed asAdditional Directors with effect from September 14, 2007, April 28, 2008 and May 28, 2008respectively.Mr. N. Srinivasan, Mr. B. Viswanath and Mr. Sudhir Goyal will hold office till ensuingAnnual General Meeting and notices have been received from members proposing theirrespective appointments as Directors at the ensuing Annual General Meeting.Mr. J.K. Sardana, B. Tech (Mechanical) presently Chief Operating Officer of the Company wasco-opted as an Additional Director with effect from May 30, 2008 and appointed as ExecutiveDirector without remuneration, for a period of two years with effect from May 30, 2008, subjectto approval of Members at the ensuring Annual General Meeting.Mr. S.D. Lalla and Mr. A. Harish Bhat retire by rotation at the ensuing Annual General Meetingand are eligible for re-appointment.DIRECTORS’ RESPONSIBILITY STATEMENT:Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors state that:(i)In the preparation of the annual accounts, the applicable accounting standards have beenfollowed along with the proper explanation relating to material departures, if any;(ii) Accounting policies have been selected and applied consistently and judgments &estimates made are reasonable and prudent so as to give a true and fair view of the stateof affairs of the Company as at the end of the financial year and of the profit for theyear;(iii)Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956, for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;
(iv)The annual accounts have been prepared on a going concern basis;AUDITORS :M/s. V P Mehta & Company, Chartered Accountants, the Auditors of your Company are eligiblefor re-appointment at the Annual General Meeting and it is necessary to fix their remuneration.AUDITORS’ REPORT :With regard to the observations of the Auditor regarding the disclosure of expenditures onContracts in the Audit Report under Item No.6 refer relevant note in “Notes to Accounts”schedule L item No 12, which is self-explanatory.PARTICULARS <strong>OF</strong> EMPLOYEES:No employee of the Company is drawing remuneration in excess of the limit prescribed under theCompanies (particulars of employees) Rules, 1975, as amended, read with Section 217 (2-A) ofthe Companies Act, 1956.CONSERVATION <strong>OF</strong> ENERGY, TECHNOLOGY ABSORPTION ANDEARNINGS & OUTGO :FOREIGNThe particulars regarding foreign exchange earnings and expenditure appear as item No. 20 & 19in the Notes to Accounts. Since the Company does not carry out any manufacturing activity, theparticulars relating to conservation of energy and technology absorption stipulated in TheCompanies (Disclosure of Particulars in the report of Board of Directors) Rules 1988 are notapplicable. During the year under review, the Company did not incur any expenditure onResearch and Development.ACKNOWLEDGEMENT:Your Directors also place on record their gratitude to Bankers, Shareholders, Customers,Suppliers, Sub-Contractors and Employees for their valuable support and co-operation throughoutthe year.For and on behalf of the Board of DirectorsS.D. LALLA(CHAIRMAN)May 30, 2008Pune
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Page 13 and 14: 3. Investors' / Shareholders’ Gri
Page 15 and 16: Mr. N. SrinivasanResume :Qualificat
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Page 19 and 20: Mr. S. D. Lalla --Mr. A. Harish Bha
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Page 23 and 24: The Company has appointed Computech
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UB ENGINEERING LIMITED NOTICE OF ANNUAL ... - UB Group

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