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N R Panicker Steve Ting Tuan Toon Sudhir Narang K R Chandrasekaran Dr. Harrison Wang Hong She Lakshmi G Menon Sinnakaruppan R Su

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N R Panicker Steve Ting Tuan Toon Sudhir Narang K R Chandrasekaran Dr. Harrison Wang Hong She Lakshmi G Menon Sinnakaruppan R Su Annual Report 2009-10 BOARD OF DIRECTORS REMUNERATION COMMITTEE N R Panicker Steve Ting Tuan Toon Chairman & Managing Director Sinnakaruppan R Steve Ting Tuan Toon Suresh K Sharma Director Sudhir Narang AUDIT COMMITTEE Director Lakshmi G Menon K R Chandrasekaran Director & CFO Dr. Harrison Wang Hong She Suresh K Sharma Dr. Harrison Wang Hong She Steve Ting Tuan Toon Director SHARE TRANSFER & INVESTORS Lakshmi G Menon GRIEVANCE COMMITTEE Director Sinnakaruppan R Lakshmi G Menon Director Sinnakaruppan R K R Chandrasekaran Suresh K Sharma Director BANKERS COMPANY SECRETARY State Bank of India Sweena Nair IDBI Bank Limited ICICI Bank Limited Barclays Bank Plc. STATUTORY AUDITORS K.S. Aiyar & Co., REGISTRAR & TRANSFER AGENTS Chartered Accountants #54/2, Paulwells Road, St. Thomas Mount, Chennai - 600 016 Link Intime India Private Limited C-13, Pannalal Silk Mills Compound, LBS Marg, Bandup West, INTERNAL AUDITORS Mumbai - 400 078 Tel. : +91.22.25960320 Grant Thornton India Email : [email protected] Unit Nos. 13, 14 and 16 31, Thiru-vi-ka Road, Royapettah, REGISTERED OFFICE Chennai - 600 014 75, Nelson Manickam Road Aminjikarai, SOLICITORS Chennai - 600 029. Tel : +91.44.4225 2000 S.Ramasubramaniam & Associates Fax : +91.44.2374 1271 6/1, Bishop Wallers Avenue (West) Email : [email protected] Mylapore, Chennai 600 004. Website : www.accelfrontline.in 1 Accel Frontline Limited, 75, Nelson Manickam Road, Aminjikarai, Chennai - 600 029. Annual Report 2009-10 Contents Notice of 15th annual general meeting 3 Directors’ report 9 Management discussion and analysis 10 Reports on corporate governance 13 Consolidated financials 25 Standalone financials 41 2 Accel Frontline Limited, 75, Nelson Manickam Road, Aminjikarai, Chennai - 600 029. Annual Report 2009-10 Notice SPECIAL BUSINESS: 7. To consider and, if thought fit, to pass, with or without NOTICE is hereby given that the Fifteenth Annual General modification(s) the following resolution as a special Meeting of the members of Accel Frontline Limited will be held resolution. on Wednesday the 22nd day of September 2010 at Narada Gana Sabha Trust, Mini Hall, 314, T.T.K Road, Chennai 600018 at 11.00 RESOLVED THAT in accordance with the provisions of A.M to transact the following business: Sections 198,269,309,310, Schedule XIII and other applicable provisions, if any, of the Companies Act, 1956 (the “Act”) or any statutory modification(s) or re-enactment thereof and ORDINARY BUSINESS: subject to such approvals /consents, if any, approval of the company be and is hereby accorded to the appointment 1. To receive, consider and adopt the audited balance sheet of Mr. K.R.Chandrasekaran as Whole time director for a of the company as at 31st March 2010 and the profit & loss period of one year effective 27th April 2010 on the terms, account for the financial year ended on that date and the conditions including remuneration and perquisites as set reports of the Directors and Auditors thereon. out in the Explanatory Statement annexed to the Notice convening this meeting, with liberty to the Board of Directors 2. To record and confirm the interim dividend paid. (hereinafter referred to as “the Board”, which term shall be deemed to include any Committee of the Board constituted 3. To appoint a director in place of Mr. Sudhir Narang, who to exercise its powers, including the powers conferred by this retires by rotation and is eligible has offered himself for re- resolution) to alter and vary the terms and conditions and / or appointment . Accordingly, to consider and, if thought fit to remuneration, subject to the same not exceeding the limits pass with or without modification, the following resolution as specified under Schedule XIII to the Companies Act, 1956 or an ordinary resolution. any statutory modification(s) or re-enactment , as may be made therein from time to time. Resolved that Mr. Sudhir Narang, be and is hereby re- appointed as Director of the Company. Resolved further that the Board of Directors be and is hereby authorized to vary or increase the remuneration including 4. To appoint a director in place of Mr. Suresh K. Sharma, who salary , commission , perquisites, allowances etc., within the retires by rotation and is eligible has offered himself for re- prescribed limits or ceiling in Schedule XIII to the Companies appointment . Accordingly, to consider and, if thought fit to Act 1956, and the agreement between the company and Mr. pass with or without modification, the following resolution as K.R.Chandrasekaran be suitably amended to give effect to an ordinary resolution. such modification or variation without any further reference to the members of the company in general meeting. Resolved that Mr. Suresh K. Sharma, be and is hereby re- appointed as Director of the Company. RESOLVED FURTHER THAT notwithstanding anything to the contrary contained herein, wherein any financial year during 5. To appoint a director in place of Mr. Steve Ting Tuan Toon, the currency of the tenure of the Wholetime director, the who retires by rotation and is eligible has offered himself for company has no profits or its profits are inadequate, the re-appointment . Accordingly, to consider and, if thought fit Company will pay Mr. K R Chandrasekharan ,the Wholetime to pass with or without modification, the following resolution Director, remuneration by way of salary, allowances and as an ordinary resolution. perquisites within the limits specified in Part II of Schedule XIII of the Companies Act or such other limits as may be Resolved that Mr. Steve Ting Tuan Toon, be and is hereby re- prescribed by the Central Government from time to time as appointed as Director of the Company. minimum remuneration. 6. To appoint M/s K S Aiyar & Co, Chartered Accountants AND FURTHER RESOLVED THAT the Board of directors of the (registration number 100186W) as statutory auditors of the company be and is hereby authorized to take such steps as company and to fix their remuneration and for this purpose to may be necessary to give effect to this resolution. consider and, if thought fit, pass with or without modifications, the following resolution as an ordinary resolution, provided 8. To consider and, if thought fit, to pass, with or without that in the event of the provisions of Section 224(A) of the modification(s) the following resolution as a Special Companies Act, 1956, becoming applicable to the company Resolution. on the date of holding this meeting, the same will be proposed as a special resolution. “RESOLVED THAT Pursuant to the provisions of Sections 198, 269, 309,310 and 311 of the Companies Act , 1956 and such RESOLVED THAT Messrs K.S.AIYAR & Co, Chartered other applicable provisions, if any, approval be and is hereby Accountants, Chennai having registration number as given for , the appointment of Mr. N.R.Panicker , Chairman & 100186W who retired at the conclusion of this meeting, be Managing Director from 01-04-2010 for the reminder of the and are hereby appointed as Auditors of the company to hold current 5 Year term of his office ending on 31-10-2012, on the office from the conclusion of this Annual General Meeting terms, conditions including remuneration and perquisites as till the conclusion of the next Annual General Meeting on a approved by the shareholders in the annual general meeting remuneration to be fixed by the board/Audit Committee, in held on September 06, 2007 consultation with the Auditors. Resolved further that the Board of Directors be and is hereby authorized to vary or increase the remuneration including salary , commission , perquisites, allowances etc., within the prescribed limits or ceiling in Schedule XIII to the Companies Act 1956, and the agreement between the company and 3 Accel Frontline Limited, 75, Nelson Manickam Road, Aminjikarai, Chennai - 600 029. Annual Report 2009-10 Mr. N R Panicker be suitably amended to give effect to such Director of the Company for a period of three years from modification or variation without any further reference to 28-04-2007 on the terms and conditions approved by the the members of the company in general meeting. Shareholders at the Annual General Meeting held on 06-09- 2007. RESOLVED FURTHER THAT notwithstanding anything to the contrary contained herein, wherein any financial year during The Board of Directors have further extended his appointment the currency of the tenure of the Managing Director, the as Wholetime Director vide its resolution dated 28-01-2010, company has no profits or its profits are inadequate, the for a further period of one year from 27-04-2010 to 26-04- Company will pay Mr. N R Panicker ,the Managing Director, 2011 as recommended by the remuneration committee of remuneration by way of salary, allowances and perquisites Directors. within the limits specified in Part II of Schedule XIII of the Companies Act or such other limits as may be prescribed An abstract of the terms of Mr. K.R.Chandrasekaran‘s by the Central Government from time to time as minimum appointment and remuneration are set out below. remuneration. 1. Period AND FURTHER RESOLVED THAT the Board of Directors of the company be and is hereby authorized to take such steps as One year with effect from 27-4-2010 may be necessary to give effect to this resolution 2. Emoluments 9. To consider and if thought fit to pass with or without modification, the following resolution as a special resolution: Subject to the overall limits as laid down in Sections 198 and 309 of the Act. “RESOLVED THAT subject to the approval of Central Government and pursuant to Section 309(5B) of the (a) Salary and allowances Companies Act, 1956, consent of the members of the Company be and is hereby accorded to pay remuneration Such amount for Mr.
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