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Asian Electronics Ltd.

BSE: 503940 Sector: Engineering
NSE: ASIANELEC ISIN Code: INE441A01026
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Asian Electronics Ltd. (ASIANELEC) - Director Report

Company director report

DIRECTORS

To the Members

Your Directors present the Forty-Eighth Annual Report on the business and operations ofthe Company for the year ended 31st March, 2013.

FINANCIAL RESULTS

[Amt in Rs. Lacs]

Year ending March 31, 2013 2012
Gross revenue 2032 8548
Operating profit (PBIDT) (1059) (9963)
Finance Expenses 39 2007
Depreciation 259 387
Profit before tax & Exceptional items (1356) (12357)
Exceptional items 85 -
Profit / (Loss) after tax (1441) (12357)
Excess provision of Income Tax of earlier year written back. - -
Profit after current tax and deferred (1441) (12357)
Tax and Exceptional items
Balance brought forward (20068) (7711)
Balance carried to Balance Sheet (21509) (20068)

DIVIDEND

In respect of the year under review, i.e., the year 2012-2013, in the absence ofprofits your Directors do not propose to declare any dividend.

OPERATIONS

During the year, the Company was able to achieve gross revenue of Rs. 20.32 crores asagainst Rs. 85.48 crores in the previous year.

Sales of lighting products comprises of domestic sales and export sales.

The Company has undertaken an exercise including creating SPVs (Special PurposeVehicles) for effective and consolidated recovery of various assets and minimizing theimpact on the operations or financial stability of the Company. However, such exerciseneeds an approval from lenders, shareholders and stakeholders in view of the uncertaintyabout the impact of any changes to the plans drawn up and timing of implementation, theCompany and the management cannot ascertain the final outcome at this juncture.

DOMESTIC SALES

The Company’s sales suffered significantly for want of working capital and delayedrecoveries from markets.

EXPORT SALES

The Export Sales was to the tune of Rs. 4.41 Crores for the year under review ascompared to Rs. 10.45 crores in the previous year. Your Company intends to increasecontract manufacturing and exports sales.

RESEARCH AND DEVELOPMENT

Asian Technology Center (ATC), the design and development center of the Company isbased in Pune, Maharashtra. This R&D center is ISO-9001:2008 compliant and hasdeveloped products conforming to global standards.

ATC understands the importance of innovating and customizing the existing products inminimum possible time frame. The expertise in developing full functional prototypes helpsto reduce the design cycles and achieve faster time to market.

Global practices of ‘NPI’ (New Product Introduction) and ‘TOT’Transfer of Technology) are being followed for conducting Research & Developmentactivities. The team at ATC consisting more than 20 engineers and 5 support staff has morethan 100 man-years of experience of working together among them.

Major milestone of the R&D unit are as follows:

1) POC samples of LED products are developed using standard component available in themarket.

2) Completion of pilot batch of Line Monitoring and Controllers for an overseas companyin the field of Power Control and Management. The product involves 4-5 multilayer boards,its integration with IP cabinet, testing and basic functioning.

3) The sample batch quantities have been put in place for the coming year.

4) Some new projects regarding the Line monitoring devices are now into NPI.

5) Modified Samples of High Voltage loop management System, whose POC had beenevaluated and approved have been sent for evaluation to customer.

FINANCE

The enclosed statement forming part of the report gives details such as FinancialPosition at a glance, Distribution of Income etc. Your directors wish to bring thefollowing to your attention:

The Company has a debt burden which its established sources of income and assets cannotservice or repay. A detailed exercise had been carried out with the help of professionalagencies and secured creditors in pursuance of establishing the viability. The reportsinter alia conclude as under:

# The unit is viable and business is feasible.

# The Company needs equity infusion and debt restructuring or repayment at a discount.

# The present realisable values of assets have eroded significantly.

# The new initiatives taken for development and production of identified products oncontract basis make the enterprise viable.

The above clearly indicates need for fresh fund raising and the debt restructuring. Therelevant notes have been carried elsewhere in this report.

The Company had filed a proposal with the Corporate Debt Restructuring (CDR) cell forthe restructuring of its Bank Liabilities under consortium. The CDR proposal submitted bythe Company was approved by the CDR Empowered Group Committee (CDR-EG) at its meeting heldin March 2012. However, since the process consequent to such approval could not becompleted, the concerned Banks did not execute the master restructuring agreement,therefore the CDR proposal has lapsed.

Now the Company has approached/is in the process of approaching individual Banks forsettlement of their dues under One Time Settlement (OTS) basis.

CAPITAL EXPENDITURE

As at 31st March, 2013, the gross fixed assets stood at Rs. 9960.75 lacs and the netfixed assets at Rs. 2800.60 lacs. Additions to fixed assets during the year Amt Rs. 6.65Lacs and deductions to the fixed assets during the year amt Rs. 6.34 Lacs.

INVENTORIES, RECEIVABLES AND CURRENT ASSETS

The management has done a detailed analysis of its current assets as reported in theprevious year. For the reasons explained below, the board is of the opinion that therealizable value of assets has gone downsignificantly:

Inventories: The inventories include a large portion of products meant for oil divisionwhich has ceased to be operative and hence not realizable. Also a large volume ofcomponents, WIP remained unutilized for such products.

Receivables: The Company has disputed export receivables from M/s Westinghouse LightingCorporation where a lawsuit has been lost and also other cases where quality counterclaims and customers’ reorganization have delayed recoveries. On domestic front,large number of debtors have raised counter claims. Coupled with a reduced turnover, thishas made recoveries more difficult. The Company has issued legal notices in over 200cases.

Advances: In many cases, the Company had advanced certain amounts for long termbusiness contracts. The reconciliation for the individual parties is under process andonce shall be taken.

In view of the above, current assets as stated above are not at realizable values asstated in the Balance Sheet

REGISTERED OFFICE

Pursuant to the approval of members by way of Special Resolution passed at the AnnualGeneral Meeting held on 29th December, 2012 the registered office of the Company has beenshifted from D-11, Road No.28, Wagle Industrial Estate, Thane – 400604 to 107, SumerKendra Building, P.B. Marg, Behind Mahindra Towes, Worli. Mumbai – 400 018.

SHARE CAPITAL

During the year under review, the paid up share capital of the Company was increasedconsequent upon the allotment of 41,80,057 equity shares to Asian Electronics Limited,Employees Welfare Trust, 2009 under Employees Stock Option Scheme 2009.

SUBSIDIARY COMPANIES

The Company has effective from 1st October, 2009 transferred the following Divisions totwo 100% subsidiaries (SPVs) as under:

a. Business of ESCO Division, i.e. financing of Projects / Products to customers onenergy saving basis, and all activities related thereto together with all related assets,liabilities and entitlements at book values as at the time of transfer, on a going concernbasis. The name of this 100% subsidiary is AEL ESCO PRIVATE LIMITED.

b. Business of Projects Division, i.e. State Electricity Board Projects and allactivities related thereto together with all related assets, liabilities and entitlementsat book values as at the time of transfer on a going concern basis. The name of this 100%subsidiary is AEL PROJECTS PRIVATE LIMITED.

The Accounts for the year ended 31st March, 2010 to 31st March, 2013 have incorporatedall these transactions at the book values at the time of transfer the difference betweenthe book values of identified assets and liabilities of ESCO Division amounting to Rs.5174.34 Lacs and of Project Division amounting to Rs. 1129.15 Lacs are shown as investmentin those subsidiaries.

Pending approval of secured / unsecured lenders, the Company has, for the time being,shown the said investments under Investment Suspense Account read with Note 10 of theAccounts as on 31st March, 2013. On account of transfer of these two Divisions to twoseparate subsidiaries, the Company has also prepared Consolidated Balance Sheet andProfit& Loss Account which forms part of the Annual Reports for the financial years2009-2010 to 2012-13.

ACCOUNTS

The accompanying Financial Statements of the Company have been prepared on a goingconcern basis.

In preparation of these accounts, the Accounting Standards made applicable by theInstitute of Chartered Accountants of India, have been followed.

We have selected appropriate accounting policies which have been applied consistentlyand have made judgments and estimates that are reasonable and prudent so as to ensure thatthe accounts give a true suitable action for recovery and fair view of the state ofaffairs of the Company as at 31st March, 2013 and of the loss of the Company for the yearended on that date.

We have taken proper and sufficient care for maintenance of appropriate accountingrecords in accordance with the provisions of the Companies Act, 1956, for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities.

AUDITORS’ REPORT

As regards observations contained in Auditors’ Report dated 30th May, 2013,regarding transfer of related loans and debentures of ESCO and Project Divisions to whollyowned subsidiaries, Stock Options granted to Directors and Employees, litigationsinitiated by LIC Mutual Fund, Bank of India and other Banks for recovery of their dues anddiminution in the value of investments, old / unsalable stocks, sundry debtors and loansand advances the following explanation of the Management may be noted:

Sr No. Subject Auditor’s Comment Company’s response
1 Transfer of related loans and debentures of ESCO and Project Division aggregating to Rs. 14,279.62 Lacs to two wholly owned subsidiaries Transfer is made without the lender’s approval and hence Company is liable The Company has included the same in consolidated results. In standalone it will be contingent liability and is disclosed accordingly.
2 Stock Options granted to Directors and Employees under ESOP Schemes of the Company. The Company has not ascertained the fair value of the Options granted The current grant of options is at market value or a higher amount. Impact, if any, in future, will be recognized at the time of exercise of the options
3 Actions taken by Secured and unsecured Creditors No Opinion The Company is in negotiation with creditors under OTS (One Time Settlement) scheme to settle amicably.
4 Diminution in value of Investments, receivables and other assets No provision is made In view of the future potential of the businesses, no diminution in the value of Investment is provided. Impact if any will be ascertained in future
5 Interest on outstanding loans which have been recalled by Banks No provision is made The Company is in negotiation with the Banks under OTS proposal (One Time Settlement) to waive off the Interest and some part of the principal amount.
6 Interest on account of delays in payment of various statutory dues like Tax Deducted at Source, Service Tax, ESIC, Customs Duty, Sales Tax, Provident Fund etc. No provision is made The final liability is being worked out as on the Balance sheet date, the same shall be provided after finalization.
7 Interest on outstanding public deposits matured and claimed but not paid No provision is made Same shall be paid at the time of repayment of Fixed deposits or interest accrued thereon as per the terms of Fixed deposits
8 Managerial remuneration The same is subject to approval of central government The Company is in process of obtaining the requisite approval of Central Government.
9 Impairment of the Company’s assets in line with Accounting Standard - 28 "Impairment of Assets" Impairment of the Company’s assets and impact thereof on the loss for the year has not been ascertained. It is proposed to re- organise the businesses in various SPVs. The impairment in various assets of a business if any will be recognized in the Accounts of the Company at the time of transfer of assets to the concerned SPVs.
10 Future viability of the Company as a ‘going concern’ Unable to express an opinion on the recoverability / realizability of the above mentioned items, the impact of the same on the Loss for the year as well as the future viability of the Company as a ‘going concern’ The Company is exploring various avenues to extricate it self out of the current financial turmoil. A tie up with a multinational is a step in this direction. An Increase in capacity utilization and profitability is viewed as the immediate improvement in the operations of the Company.
11 Disqualification of Directors under Section 274 (1) (g) In view of the failure of the Company to repay its public deposits and interest thereon for more than one year, the Directors as on March 31, 2013 are disqualified to be appointed as Directors in any other Public Company. The Company’s application to Central Government pursuant to rule 2 of the Companies (Application for Extension of Time under sub section (8) of Section 58A) Rules, 1979 for extension of time period for repayment of Fixed Deposits for 6 months from the date of approval is under process with the concerned ministry. Therefore the management is inclined to believe that the said disqualification does not apply.

OTHER CLARIFICATIONS

The boards of directors have advised a detailed scrutiny of accounts and nature ofliability appearing under the head Statutory Dues and have the following explanation:

a) VAT/Central Sales Tax

Amount payable as on 31st March, 2013 is Rs. 675.50 Lacs. There is a refund due of overRs. 300 lacs to be adjusted against the demand. For the balance amount an application isbeing made by the Company for payment in installments.

b) Tax Deducted at Source:

Amount payable as on 31st March, 2013 is Rs. 127.68 Lacs. There is a refund due of Rs.163.65 Lacs and the department is advised to adjust the same.

c) Custom Duty and Service Tax:

Amount payable as on 31st March, 2013 is Nil However, accounting reconciliation ispending. d) Provident Fund: Amount payable as on 31st March, 2013 is Rs. 9.38 Lacs.However same has been paid before June, 2013.

EROSION OF NET WORTH

The accumulated losses of the Company as at 31st March, 2013 amounting to 215.09 Croreshave resulted in erosion of more than fifty percent of its peak net worth of 234.14 Croresduring the immediately preceding four financial years.

The Board is already seized of the situation arising on account of erosion of net worthand is taking the necessary steps including discussions with the lenders and a package offinancial restructuring under the OTS mechanism which is under consideration with thesecured lenders, for details regarding reasons of erosion and steps taken and proposed tobe taken by the management please refer to the explanatory statement pursuant to section173(2) of the Companies Act, 1956 forming part of the notice of 48th Annual GeneralMeeting.

In terms of Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985,if the accumulated losses of an industrial Company, as at the end of any financial yearhave resulted in erosion of fifty percent or more of its peak net worth during theimmediately preceding four financial years, that Company falls under the category ofpotentially sick Industrial Company and therefore the fact is required to be reported toBoard of Industrial and Financial Restructuring (BIFR) within 60 days from the date offinalization of the audited accounts which is the date of this Annual General Meeting, thesame is required be considered by the shareholders at the General Meeting.

PARTICULARS OF THE EMPLOYEES

None of the Employees were drawing salary of Rs. 60,00,000/- or more per annum, ifemployed throughout the year or Rs. 5,00,000/- or more per month, if employed for part ofthe year.

DIRECTORS

1. Retirement by Rotation :

Mr. Rajesh Mehta was appointed as an Additional Director with effect from June 1, 2011.He was also appointed whole time director of the Company, designated as Executive Director& Joint Chief Executive Officer (Technology & years with effect from 1st June,2011

Mr. Mehta’s appointment as Director was approved by the shareholders at the 46thAnnual General Meeting (AGM) held on 22nd September, 2011. His appointment as whole timedirector, designated as Executive Director & Joint Chief Executive Officer(Technology& Finance) and the terms and conditions thereof were also approved by the shareholdersat the said AGM

Mr. Rajesh Mehta tendered his resignation as Executive Director & Joint ChiefExecutive Officer (Technology & Finance) w.e.f. 14th February, 2013, He also conveyedhis intention to continue as a non-executive director liable to retire by rotation, Thesame was approved by the Board at their meeting held on 14th February, 2013.

Therefore in accordance with the provisions of the Articles of Association of theCompany and the provisions of Companies Act, 1956, Mr. Rajesh Mehta retires by rotation atthe ensuing Annual General Meeting and is eligible for reappointment. The Board recommendshis re-appointment.

2. Appointment Of Director :

Pursuant to the provisions of Section 260 of the Act and Article No. 161 of theArticles of Association, Mr. Hardik Shah was appointed as Additional Director with effectfrom 6th March, 2013 and holds office up to the date of the forthcoming Annual GeneralMeeting.

The Company has received notice from a member proposing his appointment as Director.

3. Resignation :

Mr. James Mitropoulos has resigned from the post of Director w.e.f. 1st January, 2013.The same was accepted by the Board of Directors of the company at their meeting held on14th February, 2013. The Board of directors places on record their appreciation for thevaluable services rendered by Mr. James Mitropoulos during the tenure of his office.

AUDITORS

M/s. Sorab S. Engineer & Co., Chartered Accountants who are the statutory auditorsof the Company, hold office until the conclusion of ensuing Annual General Meeting and areeligible for re-appointment. The members are requested to consider appointment ofStatutory Auditors to hold the office till conclusion next Annual General Meeting.

The Company also proposes to appoint branch auditors for the same period.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.

Information on Conservation of Energy, Technology Absorption, Foreign Exchange Earningand Out-go as required to be disclosed pursuant to Section 217 [1] (e) of the CompaniesAct, 1956, read with Companies [Disclosures of Particulars in the Report of Board ofDirectors] Rules, 1988 is given in the Annexure forming part of this Report.

IMPLEMENTATION OF "GREEN INITIATIVE IN CORPORATE GOVERNANCE" INTRODUCED BYTHE MINISTRY OF CORPORATE AFFAIRS

Your Company’s products are designed for energy efficiencyand it was therefore anatural decision for the Company to whole-heartedly support the Green Initiative inCorporate Governance introduced by the Ministry of Corporate Affairs in April 2011. TheCompany therefore proposes to send all notices / documents / communications includingannual reports in electronic form to email addresses of shareholders registered withDepository Participants (DPs) and made available by the Depositories. Shareholders aretherefore requested to keep their email address updated with the DPs at all times so thatthe above documents always reach them at the email account of their choice. As regardsshareholders whose email IDs are not available with the Company, physical copies of suchdocuments will be sent.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 withrespect to Directors’ Responsibility Statement, it is hereby

(i) that in the preparation of the annual accounts for the financial year ended 31stMarch, 2013, the applicable accounting standards have been followed along with properexplanation relating to material departures;

(ii) that the directors have selected the accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancialyear and of the loss of the Company for the year under review;

(iii) that the directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

(iv) that the directors have prepared the accounts for the financial year ended 31stMarch, 2013 on ‘going concern’ basis.

PUBLIC DEPOSITS

During the year under review, the Company had not invited any fixed deposits.

The total outstanding Fixed deposits as on 31st March, 2013 were Rs. 3.49 Crores (831depositors). Out of which Rs. 0.91 Crores (203 depositors) were not matured up to 31stMarch, 2013. Unpaid deposits as on 31st March 2013 are Rs.2.58 Crores (628 depositors).The Company has applied for extension for repayment of fixed deposits from the CentralGovernment pursuant to rule 2 of the Companies (Application for Extension of Time undersub section (8) of Section 58A) Rules, 1979 which is under process with the concernedministry.

CORPORATE GOVERNANCE

A separate report on Corporate Governance along with Auditor's certificate on itscompliance is attached as an annexure to this report.

DEPOSITORY SYSTEM

As the members are aware, the Company’s shares are compulsorily tradable inelectronic form. As on 31st March, 2013, 98.97% of the Company’s total paid-upcapital representing 3,92,25,919 shares are in dematerialized form. In view of thenumerous advantages offered by the Depository system, Members holding shares in physicalmode are requested to avail of the facility of dematerialization of the Company’sshares with either of the Depositories.

ACKNOWLEDGEMENTS

Your Directors take this opportunity to thank the Financial Institutions, Banks,Central & State Government authorities, Regulatory authorities, Stock Exchanges andthe Stakeholders for their continuous co-operation and support to the Company.

Your Directors also thank customers, vendors and investors for their faith and support.Your Directors also place on record their deep sense of appreciation of the contributionmade by employees at all levels. Their continuous support and their competence, hard work,team spirit and solidarity will make all the difference to the business of your Company.

On behalf of the Board of Directors
Place: Mumbai Arun B. Shah
Date: 9th July, 2013 Executive Chairman

ANNEXURE TO THE DIRECTORS’ REPORT FOR THE YEAR ENDED MARCH 31, 2013.

ADDITIONAL INFORMATION AS REQUIRED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS)RULES, 1988.

(A) ENERGY CONSERVATION MEASURES TAKEN

(a) 1. Improving Energy saving / efficiency of Equipments & Systems. • : Use of Automatic Power factor Correction banks, to improve Power Factor wherever : the inductive Loads in prevalent.
• Use of Occupancy Sensors for lighting application to save energy whenever the premises are without occupant.
• Use of Energy Efficient Electronics Ballast in lighting fixtures with T5 technology in place of Conventional Old lighting fixtures with T8 or T12 lamps.
• Reduction in Daily A.C. running time, switching OFF lights & Air conditioning during lunch breaks and whenever not required.
• Saving of Diesel with provision of small Generator, appropriate utilization whenever full load with machineries is not required.
• Use of Centralized ACs at Production floors.
• Initiative of publishing the work instructions at various places for optimized usage of tools and gadgets.
• Use of Daylight sensor based products.
2. Improving Energy saving / efficiency of Manufacturing Process: • Use of machineries only when in operation.
• Improvement in Downtime of machineries.
• Reducing the temp. Zones while Machine in Idle conditions.
• No use of machineries during Load cutting periods (Power shutdown).
• Reducing the cycle time of Product Manufacturing processes.
• Reducing the Burn in time of product with the help of cyclic timer.
(b) Additional investments and proposals, if any, being implemented for reduction of consump- tion of energy. • : Use of Energy saving type of lighting products like LED based product for further savings compared to Fluorescent type of products, use of LED streetlight instead of Fluorescent or HPSV lamps.
• Exploring use of solar AC
• Use of Controllers or Timers for Intermittent OFF for ACs.
• Reduction of Temperature in AC zone by reducing the Light fixture or Heating ele - ment.
• Appropriate usage of Light fixtures with LED at working areas for sufficient/optimum light only.
(c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods. • : These steps will generate savings in electricity consumption. However, these savings will have no appreciable impact on cost of production as the Company’s production processes are not energy intensive.
(B) TECHNOLOGY ABSORPTION
(a) Research and Development
Specific areas in which R & D carried out by the Company. 1. The Company has successfully developed energy efficientretrofit which is protected by Patents registered in U.S.A. and under registration in Europe as also in India. The Company is developing effective intelligent lighting solutions with introduction of New LED Technology & power Protection Devices for various markets.
2. Asian Technology Center (ATC), the design and development center of Asian Electronics Ltd is based in Pune, Maharashtra. This R&D center is ISO-9001:2008 compliant and has developed products conforming to global standards. ATC understands the importance of innovating and customizing the existing products in minimum possible time frame. The expertise in developing full functional prototypes helps customer to reduce the design cycles and achieve faster time to market. Global practices of ‘NPI’ (New Product Introduction) and ‘TOT’ (Transfer of Technology) are being followed for conducting Research & Development activities. The team at ATC consisting more than 20 engineers and 5 support staff has more than 100 man-years of experience of working together among them.
Benefit derived as : resultofthe above R & D. Major milestone of the R&D unit are as follows:
1) POC samples of LED products are developed using standard component available in the market.
2) Completion of pilot batch of Line Monitoring and Controllers for an overseas company in the field of Power Control and Management. The product involves 4-5 multilayer boards, its integration with IP cabinet, testing and basic functioning.
3) The sample batch quantities have been put in place for the coming year.
4) Some new projects regarding the Line monitoring devices are now into NPI.
5) Modified Samples of High Voltage loop management System, who’s POC had been evaluated and approved have been sent for evaluation to customer.
Future plan of action : The Company sees a bright future in commercially exploiting the above product.
1. Adopting the New LED technology by introducing the various range of Energy saving of products.
2. To intensify the R&D efforts in power quality improvement and energy conservation products.
3. To develop and introduce variants of the Retrofit Lighting Systems to suit different market segments.
4. To develop and market cost effective intelligent lighting solutions for optimizing energy cost.
5. To develop technologies to use "lighting as a network".
Expenditure on R & D :
(a) Capital Nil
(b) Recurring Rs. 4.40 lacs
(c) Total Rs. 4.40 lacs
(d) R & D expenditure as a percentage of the total turnover 0.26%
(b) Technology Absorption, Adaptation and Innovation
Efforts, in brief made towards technology : absorption, adaptation and innovation. The Company has introduced various new and improved models of Electronic Ballasts, LED Based products & Power Protection devices for different applications.
Benefit result of the above: efforts. The Company has launched different products with separate designs of Ballasts for different market segments, & introduction of new products like LED based, Power protection devices for US market, thus enhancing its product range offered to its customers.
Technology Imported during the last 5 years.
(a) Technology Imported : Not Applicable
(b) Year of Import : Not Applicable
(c) Status : Not Applicable
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO
(a) Activities relating to Exports (Initiatives : taken in increasing exports, development of new export markets for products and services, and export plans). The Company is in process of making marketing arrangements with giants in U.S.A. and elsewhere to market Company's E+ Tube light & Power Protection devices in various global export markets.
(b) Foreign Exchange Earned : Rs. Nil
(c) Foreign Exchange Used : Rs. 62.68 lacs

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