Mar 31, 2015
DEAR MEMBERS
The Directors present the 27th Annual Report together with the Audited
statement of Accounts for the year ended 31st March, 2015.
1. FINANCIAL RESULTS
For the year ended For the year ended
31st March, 2015 31st March, 2014
(Rs.in lacs) (Rs.in lacs)
REVENUE
Income from operations 26774.91 15933.84
Other income 0.01 48.00
Changes in Inventories 26.27 1527.85
Total 26801.19 17509.69
EXPENSES
a) Purchases 26749.22 17416.65
b) Employee benefits
expense 3.55 3.38
c) Other expenses 47.80 46.07
Total 26800.57 17466.10
PROFIT/(LOSS)
BEFORE DEPRECIATION 0.62 43.59
AMORTISATION & TAX EXPENSES
Depreciation and
Amortisation Expenses - 0.05
PROFIT/(LOSS) BEFORE TAX 0.62 43.54
Tax Expenses
a) Current Tax 3.19 4.58
b) Deferred Taxation 0.00 (5.79)
PROFIT/(LOSS) AFTER TAX (2.57) 44.75
Add: Profit/loss
brought forward (233.29) (278.04)
From previous year
Balance profit/loss
carried forward (235.86) (233.29)
2. PERFORMANCE AND OUTLOOK
The Gross Income for the year was Rs. 26774.92 Lacs against Rs.
15981.84 Lacs in previous year and the net loss was 2.57 Lacs for the
year against net profit of Rs. 44.75 lacs in previous year. On account
of adverse market trend, the company sustained loss during the year
under review. However the company expects better financial result in
the ensuing year.
3. DIVIDEND
In the absence of Profits, your Directors regret their inability to
propose Dividend.
4.CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION AND ANALYSIS AND
OTHER INFORMATION REQUIRED UNDER THE COMPANIES ACT, 2013 AND LISTING
AGREEMENT
As per Clause 49 of the Listing Agreement entered into with the Stock
Exchanges, Corporate Governance Report with Auditors Certificate
thereon is attached and forms part of this report.
5. DIRECTORS'S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act,
2013 with respect to Directors' Responsibility Statement, it is hereby
confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2015 the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
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
Loss of the Company for the year under review.
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv) That the Directors have laid down internal financial controls to be
followed by the company and that such internal controls are adequate
and were operating effectively.
v) That the Directors have prepared the accounts for the financial year
ended 31st March 2015 on a going concern basis.
vi) The Directors had devised proper systems to ensure compliance with
the provisions of the applicable laws and that such systems were
adequate and operating effectively.
6. DIRECTORS
Shri Gautam Mehra retires by rotation at the ensuing Annual General
Meeting and, being eligible, offers himself for reappointment.
Pursuant to the provisions of section 161(1) of the companies Act, 2013
and the Articles of Association of the company, Smt Mina Roy was
appointed as an Additional Director designated as an Independent
director w.e.f 1st April ,2013 and she shall hold office up to the date
of the ensuing Annual General Meeting. The Company has received
requisite notice in writing from a member proposing her appointment as
an Independent Director.
The company has received requisite notices in writing from members
proposing Shri Dulichand Karel and Shri N.C. Biswas for appointment as
Independent Directors pursuant to provisions of Companies Act, 2013.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
Independence as prescribed both under sub- section(6) of section 149 of
the companies Act,2013 and under Clause 49 of the Listing Agreement
with the stock Exchanges.
7. AUDITORS AND SECRETARIAL AUDIT
U Narain& Co., Chartered Accounts Statutory Auditors of the company
hold office till the conclusion of the ensuing Annual General Meeting
and are eligible for reappointment. They have confirmed their
eligibility to the effect that their reappointment, if made would be
within the prescribed limits under the Act and that they are not
disqualified for re-appointment. The Notes on Financial Statement
referred to in the Auditor's Report are self- explanatory and do not
call for any further comments. The Auditor's report does not contain
any qualification, reservation or adverse remarks.
The Board has appointed Practicing Company Secretary to conduct
Secretarial Audit for the financial Year 2014-2015. The Secretarial
Audit Report for the financial year ended 31st March, 2015 is annexed
herewith marked as Annexure I to this report. The Secretarial Audit
Report contains certain observations regarding which Board's comment is
given below. The Board has at all times been duly constituted with
adequate number of Independent Directors. The existing Independent
directors have continued to function as Independent Directors in the
Board as well as in the Committees of the Board as per legal advice and
hence the existing independent directors have not been appointed by the
Company after the commencement of Companies Act 2013.
However, having being apprised of the legal requirement of appointing
the existing Independent directors, steps are being taken for their
appointment at the ensuing Annual General Meeting of the Company. The
Committees of the Board would consequently be reconstituted with the
regularization of the appointment of Independent Directors. The
Company is also in the process of appointing the Key Managerial
Personnel in accordance with the provisions of the Act. The Company has
already appointed a Woman Director in its Board. The non-filing of
certain forms were mainly due to inadvertence with the advent of the
new Companies Act 2013.
The provisions of clause 49 is not mandatory to be complied with, by
the Company, since the paid-up capital is less than Rs. 10 crore and
the net worth does not exceed Rs. 25 crore. However the Company has
been regularly complying with the Corporate Governance norms.
8. CORPORATE SOCIAL RESPONSIBILITY
The provisions of Companies Act, 2013 regarding corporate social
Responsibility are not attracted to the Company.
9. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, a structured questionnaire was prepared after
taking into consideration of the various aspects of the Board's
functioning, composition of the Board and its Committees, culture,
execution and performance of specific duties obligations and
governance.
The performance evaluation of the Independent Directors was Completed.
The performance evaluation of the Chairman and the Non Independent
Directors was carried out by the Independent Directors. The Board of
Directors expressed their satisfaction with the evaluation process.
10. FAMILIRISATION PROGRAMME FOR DIRECTORS
At the time of appointing a Director, a formal letter of appointment is
given to him, which interlaid explains the role, function, duties and
responsibilities expected of him as a Director of the Company. The
Director is also explained in detail the Compliance required from him
under the Companies Act, 2013, Clause 49 of the Listing Agreement and
other relevant regulations and affirmation taken with respect to the
same.
The Chairman along with the Management has also one to one discussion
with the newly appointed Director to familiarize with the Company's
operations.
11. NUMBER OF MEETINGS OF THE BOARD
The details of the number of meetings of the Board held during the
Financial Year 2014-15, forms part of the Corporate Governance Report.
12. INDEPENDENT DIRECTORS DECLARATION
The Non-Executive Independent Directors fulfill the conditions of
independence specified in Section 149 (6) of the Companies Act, 2013
and Rules made there under and meet with requirement of Clause 49 of
the Listing Agreement entered into with the stock Exchanges. A formal
letter of appointment to Independent Director as provided in Companies
Act, 2013 and the Listing Agreement has been issued and disclosed on
the website of the Company at www.balatechnoglobal.com.
13. PARTICULARS OF LOANS,GUARANTEES OR INVESTMENTS BY THE COMPANY
Details of loans, guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
Notes to Financial Statements.
14. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has a vigil mechanism / whistle Blower policy for Directors
and employees to report genuine concerns or grievances. The Whistle
Blower policy has been posted on the website of the Company
(www.balatechnoglobal.com).
15. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an effective internal control and risk mitigation
system, which has consistently assessed and strengthened with standard
operating procedure. Audit Committee of the Board of Directors actively
reviews the adequacy and effectiveness of the internal control systems
and suggests improvements to strengthen the same.
16. RISK MANAGEMENT
The Risk Management is a very important part of business. The main aim
of risk management is to identify, monitor and take precautionary
measures in respect of the events that may pose risks for the business.
The Company is having a business risk management framework in place,
which defines the risk management approach of the company and includes
periodic review of such risks and mitigating controls and reporting
mechanism of such risks.
17. NOMINATION AND REMUNERATION POLICY
The Board of Directors has framed a policy which lays down a frame work
in relation to remuneration of Directors, Key Managerial Personnel and
Senior Management of the Company. This policy also lays down criteria
for selection and appointment of Board Members.
18. DEPOSITS FROM PUBLIC
The Company has not accepted any deposits from public and as such no
amount on account of principal or interest on deposit from public was
outstanding as on the date of the Balance sheet.
19. EXTRACT OF ANNUAL RETURN
The extract of Annual Return in Form MGT-9 as per Section 92 (3) of the
Companies Act, 2013 and Rule 12 (1) of Companies (Management &
Administration) Rules, 2014 is annexed hereto as Annexure II and forms
part of this report.
20. PERSONNEL & INDUSTRIAL RELATIONS
Industrial Relations were cordial and satisfactory. There were no
employees whose particulars are to be given in terms of Section 134(3)
(q) of the companies Act, 2013 read with Rule 5(2) and 5(3) of the
companies (Appointment and Remuneration of Managerial Personnel), Rules
2014.
21. ACKNOWLEDGEMENT
Your Directors place on record their appreciation for the overwhelming
co-operation received from Bankers and Business constituents.
Your Director would also like to place on record their deep
appreciation of the continued support of shareholders.
By Order of the Board
P -22,C.I.T Road, For Bala Techno Global Ltd.
Scheme- 55, Kolkata - 700 014 Narayan Chandra Biswas Anil Kumar Saha
Date : 26th November, 2015 Director Director
Mar 31, 2014
DEAR MEMBERS
The Directors have pleasure in presenting the 26th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS
Your Company''s performance during the year is summarized below:
Year ended Year ended
31st March, 2014 31st March, 2013
(Rs.in lacs) (Rs.in lacs)
Gross Income 15981.84 7465.88
Gross Profit/(Loss) 43.60 (0.15)
Less: Depreciation 0.06 5.47
Profit/(Loss)before Tax 43.54 (5.62)
Add: Deferred Tax 5.79 1.55
49.33 4.07
Less: Provision for Taxation 4.58 -
Net Profit/(Loss)after Tax 44.75 (4.07)
Add: Profit /(Loss)brought
forward from previous year (278.04) (273.97)
Balance Profit/(Loss)
Carried Forward (233.29) (278.04)
DIVIDEND
In absence of Profits, your Directors regret their inability to
proposed Dividend.
PERFORMANCE AND OUTLOOK
The Gross Income for the year was Rs 15981.84 lacs against Rs 7465.88
Lacs in previous year and the net profit was Rs.44.75 lacs for the year
against net loss of Rs. 4.07 lacs in previous year. The company shows
better result during the year under review and expects more better
financial results in ensuing year.
DIRECTORS
Shri Anil Kumar Saha (DIN:01698716) and Shri Narayan Chandra Biswas
(DIN:05277504)Directors of the company retire by rotation and being
eligible offer themselves for reappointment.
DIRECTORS''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act,
2013 with respect to Directors'' Responsibility Statement, it is hereby
confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2014 the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
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
Loss of the Company for the year under review.
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a going concern basis.
v) The Directors have laid down internal financial controls to be
followed by the company and that such internal controls are adequate
and were operating effectively.
vi) The Directors had devised proper systems to ensure compliance with
the provisions of the applicable laws and that such systems were
adequate and operating effectively.
CORPORATE GOVERNANCE
Your Directors affirm their commitments to the corporate governance
standards prescribed by the Securities and Exchange Board of India
(SEBI). A Report on corporate Governance alongwith certificate from
Company Secretaries for its compliance as required under clause 49 of
the listing agreement is attached.
DEMATERIALISATION OF SHARES
Your Company''s Shares are being traded in the dematerialized form and
71.08% of the Shares of the Company have been dematerialized upto
31.03.2014.
AUDITORS:
U.Narain & Company, Chartered Accountants, Kolkata Auditors of the
company, will retire at the conclusion of the ensuing Annual General
Meeting.They have signified their willingness to accept reappointment
and have confirmed their eligibility under section 141 of the Companies
Act,2013.Your Directors recommend their reappointment.
The Notes on Accounts referred to in the Auditors'' Report are self
explanatory and therefore do not call for any further comments.
STATUTORY REQUIREMENTS:
i) There were no employees whose particulars are to be given in terms
of section 134 of the Companies Act,2013 (old section 217(2A) of the
Companies Act 1956) read with the Companies (particulars of employees)
rules thereunder.
ii) The Company being engaged in the trading business, the statement in
regard to conservation of Energy, etc. under Section 134(3) of the
Companies Act,2013 (old section 217(1)(e) of the Companies Act,1956)
Rules,1988, is not required.
iii) Your company has not accepted and /or renewed any deposit from the
public and/or shareholders during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their appreciation for the overwhelming
co- operation and assistance received from Bankers, and Business
constituents. Your Directors would also like to place on record their
deep appreciation of the continued support of shareholders.
Corporate Office:
P-22,C.I.T Road,Scheme-55 FOR AND ON BEHALF OF THE BOARD
Place: Kolkata- 700 014
Date: 30th May , 2014 ANIL KUMAR SAHA
DIRECTOR
Mar 31, 2013
DEAR MEMBERS
The Directors have pleasure in presenting the 25th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2013.
FINANCIAL RESULTS
Your Company''s performance during the year is summarized below:
Year ended Year ended
31st March, 2013 31st March, 2012
(Rs.in lacs) (Rs.in lacs)
Gross Income 7465.88 3028.16
Gross Profit/(Loss) (0.15) 3.83
Less: Depreciation 5.47 5.48
Profit/(Loss)before Tax (5.62) (1.65)
Add: Deferred Tax 1.55 1.53
4.07 (0.12)
Less: Provision for Taxation 1.02
Net Profit/(Loss)after Tax (4.07) (1.14)
Add: Profit /(Loss)brought
forward from previous year (273.97) (272.83)
Balance Profit/(Loss)
Carried Forward (278.04) (273.97)
DIVIDEND
In absence of Profits, your Directors regret their inability to
proposed Dividend.
PERFORMANCE AND OUTLOOK
The Gross Income for the year was Rs 7465.88 lacs against Rs 3028.16
Lacs in previous year and the net loss was Rs 4.07 lacs for the year
against net loss of Rs. 1.14 lacs in previous year. The company
expects better financial results in ensuing year.
DIRECTORS
Shri Gautam Mehra and Shri Duli chand Karel Directors of the company
retire by rotation and being eligible offers themselves for
reappointment.
DIRECTORS''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2013 the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
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
Loss of the Company for the year under review.
iii) That the Directors have 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.
iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2013 on a going concern basis.
CORPORATE GOVERNANCE
Your Directors affirm their commitments to the corporate governance
standards prescribed by the Securities and Exchange Board of India
(SEBI). A Report on corporate Governance alongwith certificate from
Company Secretaries for its compliance as required under clause 49 of
the listing agreement is attached.
DEMATERIALISATION OF SHARES
Your Company''s Shares are being traded in the dematerialized form and
63.39% of the Shares of the Company have been dematerialized upto
31.03.2013.
AUDITORS:
U.Narain & Company, Chartered Accountants, Kolkata Auditors of the
company, will retire at the conclusion of the ensuing Annual General
Meeting.They have signified their willingness to accept reappointment
and have confirmed their eligibility under section 224(1-B) of the
Companies Act,1956.Your Directors recommend their reappointment.
The Notes on Accounts referred to in the Auditors'' Report are self
explanatory and therefore do not call for any further comments.
STATUTORY REQUIREMENTS:
None of the employee of the company has drawn salary in excess of the
limit specified under Section 217(2A) of the Companies Act, read with
the rules there under. The company being engaged in the trading
business, the Statement in regard to conservation of Energy, etc. under
Section 217(1) (e) Of the Companies Act 1956 read with the Companies
(Disclosure of Particulars in the Report of Directors) Rules, 1988, is
not required. Your company has not accepted and /or renewed any deposit
from the public and/or shareholders during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their appreciation for the overwhelming
co- operation and assistance received from Bankers, and Business
constituents. Your Directors would also like to place on record their
deep appreciation of the continued support of shareholders.
FOR AND ON BEHALF OF THE BOARD
Place: Kolkata- 700 014
Date: 27th May, 2013 GAUTAM MEHRA
DIRECTOR
Mar 31, 2012
DEAR MEMBERS
The Directors have pleasure in presenting the 24th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2012.
FINANCIAL RESULTS
Your Company''s performance during the year is summarized below:
Year ended Year ended
31st March,
2012 31st March,
2011
(Rs.in lacs) (Rs.in lacs)
Gross Income 3000.55 6230.55
Gross Profit/(Loss) 3.83 4.05
Less: Depreciation 5.48 5.49
Profit/(Loss)before Tax (1.65) (1.44)
Add: Deferred Tax 1.53 1.27
(0.12) 0.17
Less: Provision for Taxation 1.02 1.18
NetProfit/(Loss) after Tax (1.14) (1.35)
Add: Profit /(Loss)brought forward
from previous year (272.83) (271.48)
Balance Profit/(Loss) - -
Carried Forward (273.97) (272.83)
DIVIDEND
In absence of Profits, your Directors regret their inability to
proposed Dividend.
PERFORMANCE AND OUTLOOK
The Gross Income for the year was Rs 3000.55 lacs against Rs 6230.55
Lacs in previous year and the net loss was Rs 1.14 lacs for the year
against net loss of Rs.1.35 lacs in'' previous year. The company expects
better financial results in ensuing year.
DIRECTORS
Shri Anil Kumar Saha, Director of the company retires by rotation and
being eligible offers himself for reappointment.
Shri Gautam Mehra and Shri Narayan Chandra Biswas have been appointed
as additional directors of the Company with effect from 28.03.2012.
They hold office up to the ensuing Annual General Meeting. The Company
has received notice from the members under section 257 of the Companies
Act, 1956, proposing their candidature for each of them the office of
Director.
Shri Kapil Mehra, Shri Siddhath Mehra ceased to be director of the
Company with effect from 30.03.2012.Shri Amitabha Mukherjee also ceased
to be director with effect from 01.08.2012.
Your Directors place on record their appreciation of the Contribution
made by them during their tenure as independent directors on the Board.
DIRECTORS''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2012 the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
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
Loss of the Company for the year under review.
iii) That the Directors have 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.
iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2012 on a going concern basis.
CORPORATE GOVERNANCE
Your Directors affirm their commitments to the corporate governance
standards prescribed by the Securities and Exchange Board of India
(SEBI). A Report on corporate Governance alongwith certificate from
Company Secretaries for its compliance as required under clause 49 of
the listing agreement is attached.
DEMATERIALISATION OF SHARES
Your Company''s Shares are being traded in the dematerialized form and
61.40% of the Shares of the Company have been dematerialized upto
31.03.2012.
AUDITORS:
U.Narain & Company, Chartered Accountants, Kolkata Auditors of the
company, will retire at the conclusion of the ensuing Annual General
Meeting. They have signified their willingness to accept reappointment
and have confirmed their eligibility under section 224(1 -B) of the
Companies Act,1956.Your Directors recommend their reappointment.
The Notes on Accounts referred to in the Auditors'' Report are self
explanatory and therefore do not call for any further comments.
STATUTORY REQUIREMENTS:
None of the employee of the company has drawn salary in excess of the
limit specified under Section 217(2A) of the Companies Act, read with
the rules there under. The company being engaged in the trading
business, the Statement in regard to conservation of Energy, etc. under
Section 217(1) (e) Of the Companies Act 1956 read with the Companies
(Disclosure of Particulars in the Report of Directors) Rules, 1988, is
not required. Your company has not accepted and /or renewed any deposit
from the public and/or shareholders during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their appreciation for the overwhelming
co- operation and assistance received from Bankers, and Business
constituents. Your Directors would also like to place on record their
deep appreciation of the continued support of shareholders.
FOR AND ON BEHALF OF THE BOARD
Place: Kolkata- 700 014
Date: 30th August, 2012 GAUTAM MEHRA
DIRECTOR
Mar 31, 2011
DEAR MEMBERS
The Directors have pleasure in presenting the 23rd Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2011.
FINANCIAL RESULTS
Your Company''s performance during the year is summarized below:
Year ended Year ended
31st March,
2011 31st March,
2010
(Rs.in lacs) (Rs.in lacs)
Gross Income 6230.55 4864.03
Gross Profit/(Loss) 4.05 8.11
Less: Depreciation 5.49 5.51
Profit/(Loss)before Tax (1.44) 2.60
Less: Provision for Taxation 0.09 0.81
Net Profit/(Loss)After Tax (1.35) 1.79
Add: Profit /(Loss)brought
forward from previous year (271.48) (273.27)
Balance Profit/(Loss)
Carried Forward (272.83) (271.48)
DIVIDEND
In absence of Profits, your Directors regret their inability to
proposed Dividend.
PERFORMANCE AND OUTLOOK
The Gross Income for the year was Rs. 6230.55 lacs against Rs 4864.03
Lacs in previous year and the net loss was Rs 1.35 lacs for the year
against net income of Rs.1.79 lacs in previous year. The company
expects & better financial results in ensuing year.
DIRECTORS
Shri Amitabha Mukherjee and Shri Duli Chand Karel, Directors of the
company retire by rotation and being eligible offer themselves for
reappointment.
DIRECTORS''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2011 the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
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
loss of the Company for the year under review.
iii)That the Directors have 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.
iv)That the Directors have prepared the accounts for the financial year
ended 31st March, 2011 on a going concern basis.
CORPORATE GOVERNANCE
Your Directors affirm their commitments to the corporate governance
standards prescribed by the Securities and Exchange Board of India
(SEBI). A Report on corporate Governance alongwith certificate from
Company Secretaries for its compliance as required under clause 49 of
the listing agreement is attached.
DEMATERIALISATION OF SHARES
Your Company''s Shares are being traded in the dematerialized form and
over 59.19% of the Shares of the Company have been dematerialized.
AUDITORS:
U.Narain & Company, Chartered Accountants, Kolkata Auditors of the
company, will retire at the conclusion of the ensuing Annual General
Meeting.They have signified their willingness to accept reappointment
and have confirmed their eligibility under section 224(1-B) of the
Companies Act,1956.Your Directors recommend their reappointment.
The Notes on Accounts referred to in the Auditors'' Report are self
explanatory and therefore do not call for any further comments.
STATUTORY REQUIREMENTS:
None of the employee of the company has drawn salary in excess of the
limit specified under Section 217(2A) of the Companies Act, read with
the rules there under. The company being engaged in the trading
business, the Statement in regard to conservation of Energy, etc. under
Section 217(1) (e) Of the Companies Act 1956 read with the Companies
(Disclosure of Particulars in the Report of Directors) Rules, 1988, is
not required. Your company has not accepted and /or renewed any deposit
from the public and/or shareholders during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their appreciation for the overwhelming
co-operation and assistance received from Bankers, and Business
constituents.
Your Directors would also like to place on record their deep
appreciation of the continued support of shareholders.
FOR AND ON BEHALF OF THE BOARD
Place: Kolkata- 700 014
Date: 30th August, 2011 ANIL KUMAR SAHA
DIRECTOR
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