In accordance with the provisions of Section
217(2AA) of the Companies Act, 1956, the Directors hereby confirm that:
a) In the preparation of annual accounts for
the financial year ended 31st March 2011, the applicable accounting standards
have been followed;
b) They had selected such accounting policies
and applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year and of the profit of
the Company for the year under review.
c)They had taken proper and sufficient care
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
d) They had prepared the annual accounts for
the financial year ended 31st March
2011, on a going concern basis.
CORPORATE GOVERNANCE
Your Company reaffirms its commitment to the
good corporate governance practices. Pursuant to Clause 49 of the Listing
Agreement with the Stock Exchanges, Corporate Governance Report is annexed to
this Directors'' Report.
The Chief Executive Officer (CEO) and Chief
Financial Officer (CFO) have certified to the Board with regard to the
financial statements and other matters as required under clause 49(V) of the
Listing Agreement.
Auditors'' Certificate regarding compliance of
the Corporate Governance is made a part of this Annual Report. All the board
members and senior managerial personnel have affirmed compliance with the code
of conduct for the year 2010-11.
ACKNOWLEDGEMENTS
The Board wish to place on record their
appreciation to Denso Corporation, Japan, Customers, Distributors, Dealers,
Suppliers, Shareholders, Bankers, Government authorities and Other
Collaborators for their continued support and co-operation during the year
under review. The Directors wish to place on record their appreciation to the
employees at all levels for their continued co-operation and commitment.
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