Annual Report FY 2009-10 - Welspun

C rp LtdPARTICULARS OF EMPLOYEESAs required by the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees)Rule, 1975 as amended, the names and other particulars of the employees are set out in the Annexure to the Directors' Report.However, as per the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, the Report and Accounts are being sent to allthe shareholders of the Company excluding the aforesaid information. Any shareholder interested in obtaining such particularsmay write to the Asst. Company Secretary at the Registered Office of the Company.ENERGY, TECHNOLOGY AND FOREIGN EXCHANGEInformation in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956, regarding conservation of energy,technology absorption and foreign exchange earnings and outgo is given in the Annexure forming part of the Directors' Report.SUBSIDIARY COMPANIESThe Company has applied for exemption from attaching a copy of Balance Sheet, Profit and Loss Account and other documents ofits subsidiary companies as required to be attached under Section 212 of the Companies Act, 1956 to the Balance Sheet of theCompany. Therefore, upon receipt of the exemption, the said documents of the subsidiary companies viz. (1) Welspun TradingsLtd. (2) Welspun Natural Resources Pvt. Ltd. (3) Welspun Pipes Ltd. (4) Welspun Plastics Private Ltd. (5) Welspun Infratech Limited(6) Welspun Pipes Inc. USA (7)Welspun Tubular LLC, USA and (8) Welspun Global Trade LLC, USA will not be attached to the AnnualReport. However, the aforesaid documents relating to the subsidiary companies and the related detailed information will bemade available upon request by any member or investor of the Company. Further, the Annual Accounts of the subsidiarycompanies will be kept open for inspection by a member or an investor at the Registered Office of the Company or the respectivesubsidiary company.As may be required under the exemption, a statement containing the requisite information for each subsidiary will be attachedwith the Annual Report.FIXED DEPOSITSThe Company has not accepted any public deposit within the meaning of the Companies (Acceptance of Deposit) Rules, 1975 and,as such, no amount on account of principal or interest on public deposit was outstanding on the date of the Balance Sheet.LISTING WITH STOCK EXCHANGESThe Company's equity shares are listed on the Bombay Stock Exchange Ltd., (BSE) and the National Stock Exchange of India Ltd.(NSE). The Foreign Currency Convertible Bonds are listed at Singapore Securities Trading Limited (SGX-ST).Annual listing fees for the year 2010-11 have been paid to BSE, NSE and SGX-STCORPORATE GOVERNANCEA separate report on Corporate Governance is annexed hereto as a part of this Report. A certificate from the Company Secretary inPractice regarding compliance of conditions of Corporate Governance as prescribed under Clause 49 of the Listing Agreement isattached to this Report. A separate report on Management Discussion & Analysis is enclosed as a part of the Annual Report.CONSOLIDATED FINANCIAL STATEMENTSAs stipulated by Clause 32 of the Listing Agreement with the Stock Exchanges, the Consolidated Financial Statements have beenprepared by the Company in accordance with the applicable Accounting Standards issued by The ICAI. The Audited ConsolidatedFinancial Statements together with Auditors' Report thereon forms a part of the Report.ACKNOWLEDGEMENTYour Directors expresses and place on records their gratitude for the faith reposed in, and co-operation extended to, and interestshown in operations of, the Company by the Financial Institutions, Banks, Government Authorities, Customers, Suppliers andShareholders of the Company. Your Directors also wish to place on record their sincere appreciation of the dedicated services ofthe employees of the Company at all levels but for whose hard work, solidarity and profuse support your Company's achievementwould not have been possible.For and on behalf of the BoardPlace: MumbaiB.K.GoenkaDate: 27th April 2010 Chairman and Managing Director13