Mar 31, 2018
The Directors are pleased to present the 21st Annual Report together with the Audited Financial Statements of the Company for the year ended 31st March, 2018.
1. Financial Results (Rs. In lakhs)
Particular |
Standalone |
Consolidated |
|||||
For the Year Ended |
For the Year Ended |
||||||
31.03.2018 |
31.03.2017 |
31.03.2018 |
31.03.2017 |
||||
Profit before Depreciation & Taxation |
1,446.81 |
1,347.57 |
19,638.82 |
47,322.43 |
|||
Less: Depreciation |
12.15 |
13.12 |
3,148.21 |
3,648.59 |
|||
Provision for Taxation (Net) |
167.58 |
50.59 |
2,888.10 |
(4,368.60) |
|||
Profit After Taxation |
1,267.08 |
1,283.86 |
13,602.51 |
48,042.44 |
|||
Add : Share of Profit/(Loss) of Associates |
- |
- |
1,256.33 |
956.34 |
|||
Less : Share of Minority Interest |
- |
- |
4,944.88 |
28,927.64 |
|||
Net Profit after Tax from Continuing Operations |
1,267.08 |
1,283.86 |
9,913.96 |
20,071.14 |
|||
Add : Profit from Discontinuing Operations after Tax |
- |
- |
- |
16,187.60 |
|||
Net Profit for the Year |
1,267.08 |
1,283.86 |
9,913.96 |
36,258.74 |
|||
Add : Balance brought forward |
1,025.39 |
979.68 |
26,239.92 |
(8,780.67) |
|||
Less : Dividend paid during the year |
91.46 |
- |
91.46 |
- |
|||
Add : Dividend Distribution Tax provided but not required to be paid as per applicable provisions of Income Tax Act, 1961. |
18.62 |
18.62 |
|||||
Amount available for Appropriation |
2,201.01 |
2,282.16 |
36,062.42 |
27,496.69 |
|||
The Directors recommend this amount to be appropriated as under: |
|||||||
Transfer to NBFC Reserve Fund |
253.42 |
256.77 |
253.42 |
256.77 |
|||
Transfer to General Reserve |
918.65 |
1,000.00 |
918.65 |
1,000.00 |
|||
Balance carried forward |
1028.94 |
1,025.39 |
34,890.35 |
26,239.92 |
|||
2201.01 |
2,282.16 |
36,062.42 |
27,496.69 |
||||
2. Operations
The income of the Company during the year under review comprised of dividend income, profit on sale of investments in shares & securities and lease rental income.
3. Dividend
Your Directors are pleased to recommend a dividend of Rs. 1.50 per equity share of Rs. 10/- each i.e. @15% for the financial year ended 31st March, 2018 subject to approval of the shareholders at the ensuing Annual General Meeting to be held on 9th August, 2018. The total outgo on account of dividend for 2017-18 is Rs. 91.46 lakhs.
4. Transfer to Reserves
The Company proposes to transfer Rs. 918.65 Lakhs to the General Reserve and Rs. 253.42 lakhs to NBFC Reserve Fund out of the amount available for appropriation.
5. Associate and Subsidiary Companies
Pursuant to the provisions of Section 2(6) of the Companies Act, 2013, the Company has one Associate Company as on 31.03.2018 i.e. M/s Dhunseri Tea & Industries Ltd.
Pursuant to the provisions of Section 2(87) of the Companies Act, 2013, the Company has the following subsidiary companies as on 31.03.2018 i.e.
(i) M/s Dhunseri Petrochem Ltd (DPL) (ii) M/s Tastetaria Private Limited (TPL)
(iii) M/s Dhunseri Infrastructure Limited (DIL) (iv) M/s Global Foods Pte. Ltd. (GFPL), Singapore
(v) M/s Twelve Cupcakes Pte. Ltd.(TCPL), Singapore
The entire share capital of the subsidiaries i.e. TPL & DIL is held by DPL and 77.23% equity share capital of GFPL is held by DPL and entire share capital of TCPL is held by GFPL.
Pursuant to the provisions of Section 129(3) of the Act, a statement in Form AOC-1 containing the salient features of the financial statements of the Companyâs Associate and Subsidiaries is attached to the financial statements of the Company.
Pursuant to provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries are available on the website of the Company.
6. NBFC Public Deposits Directions
The Company neither invited nor accepted any deposit from the public during the financial year 2017-18. The Company does not intend to invite or accept any public deposit during the financial year 2018-19. No amount on account of principal or interest on deposit from public was outstanding as on the date of the balance sheet.
7. Extract of Annual Return
As required u/s 92(3), 134(3)(a) of the Companies Act, 2013 and read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of the Annual Return is given in Annexure I in the prescribed Form MGT 9 which forms part of this Report.
8. Number of Meetings of the Board
The Board met four times during the financial year 2017-18. The details have been provided in the Corporate Governance Report in terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 which is annexed to this Report.
9. Directorsâ Responsibility Statement
Based on the framework of internal controls and compliance systems established and maintained by the Company, the work performed by the Internal, Statutory and Secretarial Auditors and the reviews performed by the management and the audit committee of the Board, the Board is of the opinion that the Companyâs internal financial controls were adequate and effective during the financial year 2017-18. Accordingly, pursuant to Section 134(5) of the Companies Act, 2013, based on the above and representation received from the Management, the Board of Directors confirm:
(i) That in the preparation of the annual accounts the applicable accounting standards have been followed and no material departures have been made from the same;
(ii) That they have selected such accounting policies and applied them consistently and made judgements 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 profit and loss of the Company for that period;
(iii) That they 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 they have prepared the annual accounts on a ''going concernâ basis.
(v) That they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively.
(vi) That they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
10. Corporate Social Responsibility (CSR)
A Board level committee for CSR has already been in place as stated in the Corporate Governance Report. The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on the CSR activities during the year are set out in Annexure II of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is also available on the Companyâs website: www.dhunserinvestments.com.
11. Directors & Key Managerial Personnel
Mr. C K Dhnauka retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment as a director of the Company.
Section 149(13) states that the provisions of sub-section (6) and (7) of Section 152 of the Companies Act, 2013 relating to retirement of directors by rotation shall not be applicable to the independent directors.
There are no other changes in the Directors and Key Managerial Personnel of the Company during the year.
12. Annual Performance Evaluation
The Independent Directors at a separate meeting held on 13.11.2017 without anyone from the non-independent directors and management, considered/evaluated the performance of the Board as a whole, performance of the Chairman and other nonindependent Directors.
On the basis of parameters formulated by the Nomination and Remuneration Committee of the Board, a self-assessment questionnaire forms were sent for evaluation of the Board, the Committees, Director and the Chairman.
The Board at its meeting held on 08.02.2018 evaluated the performance of the Board, the Committees and Independent as well as Non Independent Directors (without participation of the relevant director). The Board also reviewed the performance of the Chairman. The Board was unanimous that the performance of the Board as a whole, its Committees and the Chairman was satisfactory.
13. Declaration by Independent Directors
The Company has received necessary declaration from each independent director u/s 149(7) of the Companies Act, 2013 that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
14. Policy on directorsâ appointment and remuneration and other details
The Companyâs policy on directorsâ appointment and remuneration and other matters as required u/s 178(3) of the Act has been disclosed in the Corporate Governance Report, which forms part of this Report.
15. Internal financial control systems and their adequacy
The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis, which forms part of Corporate Governance Report.
16. Committees of the Board
The Company has constituted various Committees in accordance with the requirement of Companies Act, 2013. The Board has the following Committees:
I. AuditCommittee
II. Nomination & Remuneration Committee
III. Stakeholders Relationship Committee
IV. CorporateSocial ResponsibilityCommittee
V. Share Transfer Committee
VI. Risk Management Committee
Details of all the above Committees along with the Composition and meetings held during the year under review are provided in the Report on Corporate Governance forming part of this Report.
17. Auditors
Pursuant to provision of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, M/s U. S. Agarwal & Associates, Chartered Accountants (FRN: 314213E) were appointed as the Statutory Auditor of the Company for a period oRs. 5 years to hold office from conclusion of the 20th Annual General Meeting of the Company (AGM) held on 8th August, 2017 till the conclusion oRs. 25th AGM of the Company subject to ratification of their appointment by the Members at every AGM. The reappointment for the year 2018-19 is required to be ratified by the shareholders at the ensuing 21st AGM of the Company.
18. Auditorsâ Report and Secretarial Auditorsâ Report
The auditorsâ report and secretarial auditorsâ report are self-explanatory and does not contain any qualifications, reservations or adverse remarks and have been annexed to the report.
19. Risk Management
The Companyâs main activity is investment in shares and securities. The management constantly monitor the capital market risks and systematically address them through mitigating actions on a continuous basis. The audit committee has additional oversight in the area of financial risks and internal controls.
The development and implementation of risk management policy has been covered in the management discussion and analysis, which forms part of this Report.
20. Particulars of Loans, Guarantees and Investments
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
21. Transactions with Related Parties
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an armâs length basis. During the year, the Company had not entered into any contract/ arrangement/transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.
Your Directors draw attention of the members to Note 23 to the financial statements which set out related party disclosures.
22. Managementâs Discussion and Analysis Report
As stipulated under Regulation 34(3) read with Schedule V of the SEBI (LODR) Regulations, 2015, Managementâs Discussion and Analysis, Corporate Governance Report, together with a certificate from a Practicing Company Secretary confirming compliance of conditions of Corporate Governance are an integral part of this report.
23. Particulars of Employees
The information required under Section 197 (12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below :
a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year 2017-18:
Name of Director |
Title |
Ratio to median remuneration |
Mr. C K Dhanuka |
Chairman |
0.07:1 |
Mrs. Aruna Dhanuka |
Managing Director & CEO |
- |
Mr. Mrigank Dhanuka |
Non-Executive Director |
0.04:1 |
Mr. P J Bhide |
Non-Executive & Independent Director |
0.09:1 |
Mr. Brijesh Kumar Biyani |
Non-Executive Director |
0.05:1 |
Mr. Rajya Vardhan Kejriwal |
Non-Executive & Independent Director |
0.03:1 |
Mr. Amit Gupta |
Non-Executive & Independent Director |
0.07:1 |
Mr. Ramesh Kumar Chandak |
Non-Executive & Independent Director |
0.08:1 |
(i) The median remuneration of employees of the Company during the FY 2017-18 is Rs. 4.01 lakhs.
b. The percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year:
Sl. No. |
Directors, Chief Executive Officer, Chief Financial Officer and Company Secretary |
% increase in remuneration in the financial year |
1. |
Mr. C K Dhanuka, Chairman |
No Change |
2. |
Mrs. Aruna Dhanuka, Managing Director& CEO # |
- |
3. |
Mr. Mrigank Dhanuka |
No Change |
4. |
Mr. Brijesh Kumar Biyani |
No Change |
5. |
Mr. Rajya Vardhan Kejriwal |
No Change |
6. |
Mr. Ramesh Kumar Chandak |
No Change |
7. |
Mr. Amit Gupta |
No Change |
8. |
Mr. Purushottam Jagannath Bhide |
No Change |
9. |
Mr. Pawan Kumar Lath (Chief Financial Officer) |
28.89 % |
10. |
Ms. Aditi Dhanuka (Company Secretary) |
21.25 % |
# Mrs. Aruna Dhanuka, Managing Director was not entitled to any remuneration during the year as per the agreement with the Company.
c. The percentage increase in the median remuneration of employees in the financial year: (-)40.07%
d. The number of permanent employees on the rolls of Company : 4
e. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration : Not Applicable.
Since no managerial remuneration was paid during the year the same is not comparable.
Increase in the managerial remuneration for the year: NIL
f. Affirmation that the remuneration is as per the remuneration policy of the Company :
The Company affirms remuneration is as per the remuneration policy of the Company.
g. The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year end March 31, 2018 : Details of top ten employees in terms of remuneration drawn
Sl. No. |
Name |
Designation |
Date of Joining |
Age |
Qualification |
Experience |
Total (Rs.) |
Last Employment |
1. |
Pawan Kumar Lath |
Chief Financial Officer |
01.10.2014 |
53 |
B.Com, FCA |
25 |
11,44,120 |
M/s Dhunseri Tea & Industries Ltd. |
2. |
Aditi Dhanuka |
Company Secretary |
01.09 2014 |
28 |
B.Com, ACS |
4 |
5,10,370 |
M/sS M Gupta& Co. |
3. |
Gajal Garodia |
Accounts Executive |
09.01.2017 |
26 |
B.Com, CS |
1 |
2,91,014 |
First Employment |
4. |
Dinesh Kumar Kizhakkeypotte* |
Secretary |
08.12.2017 |
50 |
Pre-Degree |
24 |
1,51,099 |
Likhami Commercial Co. Ltd. |
* Employed for part of the year
Persons in service for the whole year and drawing emoluments more than ^ 1,02,00,000/- per annum : Nil
Persons employed for part of the year drawing emoluments more than ^ 8,50,000/- per month : Nil
Note : (1) None of the employees listed above is a relative of any director of the Company.
(2) None of the employees listed above hold equity share in the Company.
24. Disclosure requirements
The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandate the formulation of certain policies for all listed companies. All policies are available on the Companyâs website www.dhunseriinvestments.com. The Corporate Governance report with Practicing Company Secretaryâs certificate thereon and management discussion and analysis are attached, which form part of this report.
The key policies that have been adopted by the Company are as follows:
Details of the familiarization programme of the independent directors are available on the website of the Company: (http://dhunseriinvestments.com/downloads/Familiarisation-Programme-of-Independent-Directors.pdf)
Policy for determining material subsidiaries of the Company is available on the website of the Company : (http://dhunseriinvestments.com/downloads/DIL-policy-for-determining-material-subsidiary.pdf).
Policy on dealing with related party transactions is available on the website of the Company : (http://dhunseriinvestments.com/downloads/related-party-transaction-policy.pdf).
The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees including directors of the Company to report genuine concerns. There has been no change to the whistle blower policy adopted by the Company during the year 2018 and the said policy is available on the website of the Company : (http://dhunseriinvestments.com/downloads/DIL-vigil-mechanism.pdf).
The Company has formulated the Corporate Social Responsibility Policy and the same is available on the website of the Company : (http://dhunseriinvestments.com/downloads/CSR-policy.pdf)
The Company has formulated a policy related to disclosure of material events affecting the Company i.e. Policy on Materiality and the same is available on the website of the Company: (http://dhunseriinvestments.com/downloads/policy-on-materiality.pdf) The policy deals with the retention and archival of corporate records of the Company is also available on the website of the Company : (http://dhunseriinvestments.com/downloads/policy-on-archival.pdf)
The Company has formulated the policy on preservation of documents and the same is available in the website of the Company: (http://dhunseriinvestments.com/downloads/policy-on-preservation-of-documents.pdf)
The Company has formulated Nomination & Remuneration Policy and the same is available in the website of the Company: (http://dhunseriinvestments.com/downloads/Nomination-&-remuneration-policy.pdf)
The Company has formulated Code of Practices and Procedure for fair disclosure of unpublished price sensitive information and the same is available in the website of the Company : (http://dhunseriinvestments.com/policy.html)
25. State of Companyâs affairs
The Companyâs main business being investments in shares and securities. The Management regularly monitors the changing market conditions and trends. Further, any slowdown of the economic growth or volatility in global financial market could adversely affect the Companyâs business.
26. Material changes and commitments, if any, affecting the financial position of the Company
There are no such material changes and commitments which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this report.
27. Details of significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and the Companyâs operations in future
There were no significant and material orders passed by Regulators or Courts or Tribunals impacting the going concern status and the Companyâs operations in future.
28. Particulars regarding conservation of energy & technology absorption etc.
The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings & outgo are not applicable to the Company.
29. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has set up Internal Complaint Committee (ICC) under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 alongwith its relevant Rules.
The Committee met once during the F.Y. 2017-18 on 17th January, 2018.
No complaints have been received by the Committee during the F.Y. 2017-18.
30. Green Initiatives
As part of our green initiative, the electronic copies of this Annual Report including the Notice of the 21st AGM are sent to all members whose email addresses are registered with the Company / Depository Participant(s). For members who have not registered their email addresses, physical copies of this Annual Report including the Notice of the 21st AGM are sent by permitted mode. The Company is providing e-voting facility to all its members to enable them to cast their votes electronically on all resolutions set forth in the Notice. This is pursuant to Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014. The instructions for e-voting is provided in Note 9 annexed to the Notice.
31. Acknowledgement
The Board of Directors take this opportunity to express their grateful appreciation for the excellent assistance and cooperation received from the banks and other authorities. The Board of Directors also thank the employees of the Company for their valuable service and support during the year. The Board of Directors also gratefully acknowledge with thanks the cooperation and support received from the shareholders of the Company.
For and on behalf of the Board of Directors
C.K. Dhanuka
Kolkata Chairman
Dated: 25th May, 2018 (DIN : 00005684)
Mar 31, 2016
We have pleasure in presenting the 19th Annual Report together with the Audited Financial Statements of Accounts of the Company for the year ended 31st March, 2016.
1. Financial Results
(Rs. in lacs)
Particulars |
For the year ended 31.03.2016 |
For the year ended 31.03.2015 |
Profit before Depreciation & Taxation |
1,882.55 |
2,531.57 |
Less : Depreciation (Net) |
13.65 |
14.60 |
Provision for taxation (Net) |
149.40 |
422.57 |
Net profit for the year |
1,719.50 |
2,094.40 |
Add : Balance brought forward |
714.16 |
1,171.45 |
Less : Adjustment made for Fixed Assets |
â |
(20.16) |
Amount available for appropriation The Directors recommend this amount to be appropriated as under : |
2,433.66 |
3,245.69 |
Transfer to NBFC Reserve Fund |
343.90 |
418.88 |
Transfer to General Reserve |
1,000.00 |
2,002.57 |
Proposed dividend @ Rs. 1.50 per share (i.e. 15%) |
91.46 |
91.46 |
Tax on dividend |
18.62 |
18.62 |
Balance carried forward |
979.68 |
714.16 |
|
2,433.66 |
3,245.69 |
2. Operations
The income of the Company during the year under review comprised of dividend income, profit on sale of investments of shares & securities and lease rental income.
3. Scheme of Amalgamation
As per Scheme of Amalgamation sanctioned by the Hon''ble High Court at Calcutta by an Order dated 29.07.2015, the Company allotted 6,25,000 equity shares of Rs. 10/- each fully paid up to the shareholders of erstwhile Plenty Valley Intra Limited (PVIL) on 31st August, 2015 in the ratio of 1 (one) Equity share of Rs. 10/- each of the Company for every 8 (eight) Equity Shares of Rs. 10/- each fully paid-up held in PVIL as on the record date (i.e. 25.08.2015). Further these new shares were listed and permitted for trading on the Stock Exchanges i.e. NSE & BSE w.e.f. 10th November, 2015.
4. Dividend
The Directors are pleased to recommend a dividend of Rs. 1.50 per equity share i.e. @ 15% for the financial year ended 31st March, 2016 subject to approval of the shareholders at the ensuing Annual General Meeting to be held on 10th August, 2016. The total outgo on account of dividend, inclusive of taxes, for 2015-16 is Rs. 110.08 lakhs.
5. Transfer to Reserves
The Company proposes to transfer Rs. 1,000.00 Lakhs to the general reserve and Rs. 343.90 lakhs to NBFC Reserve Fund out of the amount available for appropriation.
6. Associate Companies
Pursuant to Section 2(6) of the Companies Act, 2013, the Company has two associates as on 31.03.2016:
i) M/s. Dhunseri Petrochem Ltd.
ii) M/s. Dhunseri Tea & Industries Ltd.
The Company does not have any subsidiaries as on 31st March, 2016 within the meaning of Section 2(87) of the Companies Act, 2013.
Pursuant to Provisions of Section 129(3) of the Act, a statement containing salient features of the financial statements of the Associate Companies in Form AOC-1 is attached to the financial statements of the Company.
7. NBFC Public Deposits Directions
The Company neither invited nor accepted any deposit from the public during the financial year 2015-16. The Company does not intend to invite or accept any public deposit during the financial year 2016-17.No amount on account of principal or interest on deposit from public was outstanding as on the date of the balance sheet.
8. Extract of Annual Return
As required u/s 92(3) of the Companies Act, 2013 an extract of the Annual Return is given in Annexure I in the prescribed Form MGT 9 which forms part of this report.
9. Number of Meetings of the Board
The Board met five times during the financial year 2015-16. The details have been provided in the Corporate Governance Report in terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 which is annexed to this Report.
10. Directors'' Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors confirms:
(i) That in the preparation of the annual accounts, the applicable accounting standards have been followed and no material departures have been made from the same;
(ii) That they 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 profit and loss of the Company for that period;
(iii) That they 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 they have prepared the annual accounts on a ''going concern'' basis.
(v) That they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively.
(vi) That they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
11. Corporate Governance
The report on Corporate Governance as stipulated under the Listing Regulation forms an integral part of this Report. The requisite certificate from M/s. M. Shahnawaz & Associates, Practicing Company Secretary confirming compliance with the conditions of corporate governance is attached to the report on Corporate Governance.
12. Corporate Social Responsibility (CSR)
The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on the CSR activities during the year are set out in Annexure II of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is also available on the Company''s website: www.dhunseriinvestments.com.
13. Directors & Key Managerial Personnel
Mr. Brijesh Kumar Biyani retires by rotation and being eligible offer himself for re-appointment as a director of the Company.
Mr. Ashok Kumar Lohia and Mr. Basudeo Beriwala who were appointed as Independent Directors at the 17th Annual General Meeting (AGM) of the Company for a term of five years with effect from August 11, 2014, resigned from the Company w.e.f. 09.11.2015. The Board places on record its appreciation for the valuable services rendered by them during their tenure of directorship with the Company.
Mr. Purshottam Jagannath Bhide and Mrs. Aarti Bansal Aggarwal on the recommendation of Nomination & Remuneration committee were appointed as Additional Directors of the Company at the Board Meeting held on 9th November, 2015
The Companies Act, 2013 provides for appointment of independent directors. Sub-section (10) of Section 149 of the Companies Act, 2013 provides that independent directors shall hold office for a term of up to five consecutive years on the Board of a company and shall be eligible for re-appointment on passing a special resolution by the shareholders of the Company.
Sub-section (11) states that no independent director shall hold office for more than two consecutive terms but such independent director shall be eligible for appointment after expiration of three years of ceasing to become an independent director.
Section 149(13) states that provisions of sub-section (6) and (7) of Section 152 in respect of retirement of directors by rotation shall not be applicable to the appointment of independent directors.
Mr. Purushottam Jagannath Bhide and Mrs. Aarti Bansal Aggarwal, appointed w.e.f. 9th November, 2015 at the Board Meeting are now proposed to be appointed as independent directors of the Company for a term of five consecutive years at the 19th AGM. The Board of Directors recommends their appointment.
Mr. Mrigank Dhanuka, Managing Director of the Company has relinquished the post of Managing Director w.e.f. 27.05.2016. He, however, continues to be a Director of the Company.
Mrs. Aruna Dhanuka has since been appointed Managing Director & CEO of the Company for a period of 5 years w.e.f. May 27, 2016 subject to the approval of Members at the ensuing 19th Annual General Meeting of the Company.
There are no changes in the other KMP''s of the Company during the year
14. Board Evaluation
An annual evaluation of the performance of the Board and its committees and individual directors were undertaken during the year.
15. Declaration by Independent Directors
The Company has received necessary declaration from each independent director under section 149(7) of the Companies Act, 2013 that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
16. Policy on Directors'' Appointment and Remuneration and Other Details
The Company''s policy on directors'' appointment and remuneration and other matters as required Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which forms part of this report.
17. Internal Financial Control Systems and their Adequacy
The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis, which forms part of this report.
18. Audit Committee
The details pertaining to composition of Audit Committee and its meetings are included in the Corporate Governance Report, which forms part of this report.
19. Auditors
Pursuant to the provisions of Section 139 of the Act and the rules framed there under, M/s. Dhandhania & Associates, Chartered Accountants, were appointed as Statutory Auditors of the Company at the 17th Annual General Meeting (AGM) of the Company held on 11th August, 2014 and shall hold office till the conclusion of the 20th AGM of the Company subject to ratification of their appointment at every AGM. Their re-appointment for the year 2016 - 17 is required to be ratified by the shareholders at the ensuing 19th AGM of the Company.
20. Auditors'' Report and Secretarial Auditors'' Report
The auditorâs report and the secretarial auditors'' report does not contain any qualifications, reservations or adverse remarks and have been annexed to the report.
21. Risk Management
Although not mandatorily required, the Company had voluntarily constituted the Risk Management Committee. The details have been provided in the Corporate Governance Report.
22. Particulars of Loans, Guarantees and Investments
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
23. Transactions with Related Parties
All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.
Your Directors draw attention of the members to Note 25 to the financial statement which sets out related party disclosures.
24. Management''s Discussion and Analysis Report
Management''s Discussion and Analysis Report for the year under review, as stipulated under SEBI (LODR) Regulations, 2015, is provided in the Corporate Governance Report.
25 Particulars of Employees
The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:
a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year 2015 - 2016 :
Name of Director |
Title |
Ratio to median remuneration |
Mr. C. K. Dhanuka |
Chairman |
0.04 |
Mrs. Aruna Dhanuka |
Non-Executive Director |
0.03 |
Mr. Mrigank Dhanuka (till 27.05.2016) |
Managing Director & CEO |
â |
Mr. Brijesh Kumar Biyani |
Non-Executive Director |
0.02 |
Mr. Basudeo Beriwala (till 09.11.2015) |
Non-Executive & Independent Director |
0.04 |
Mr. Ashok Kumar Lohia (till 09.11.2015) |
Non-Executive & Independent Director |
0.02 |
Mr. Adarsh Garodia |
Non-Executive & Independent Director |
0.03 |
Mr. Amit Gupta |
Non-Executive & Independent Director |
0.04 |
Mr. P. J. Bhide (w.e.f. 09.11.2015) |
Non-Executive & Independent Director |
0.02 |
Mrs. Aarti Bansal Aggarwal (w.e.f. 09.11.2015) |
Non-Executive & Independent Director |
0.02 |
(i) The median remuneration of employees of the Company during the FY 2015-16 is Rs. 7.66 lakhs
b. The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year :
Directors, Chief Executive Officer, Chief Financial Officer and Company Secretary |
% increase in remuneration in the financial year |
1. Mr. C. K. Dhanuka, Chairman @ |
â |
2. Mrs. Aruna Dhanuka @ |
â |
3. Mr. Mrigank Dhanuka, Managing Director & CEO # |
â |
4. Mr. Brijesh Kumar Biyani (upto 09.11.2015) @ |
â |
5. Mr. Basudeo Beriwala @ |
â |
6. Mr. Ashok Kumar Lohia (upto 09.11.2015) @ |
â |
7. Mr. Adarsh Garodia @ |
â |
8. Mr. Amit Gupta @ |
â |
9. Mr. Purushottam Jaganath Bhide (w.e.f. 09.11.2015) @ |
â |
10. Mrs. Aarti Bansal Aggarwal (w.e.f. 09.11.2015) @ |
â |
11. Mr. Pawan Kumar Lath (Chief Financial Officer) @ |
â |
12. Ms. Aditi Dhanuka (Company Secretary) @ |
â |
- There is no increase in remuneration during the year
- Mr. Mrigank Dhanuka, Managing Director was not entitled to any remuneration during the year as per the agreement with the Company.
c. The percentage increase in the median remuneration of employees in the financial year : Nil
d. The number of permanent employees on the rolls of Company: 3
e. The explanation on the relationship between average increase in remuneration and Company Performance :
Although there has been no increase in remuneration during the year 2015-16 but remuneration is determined considering the market trend so as to ensure that it reflects Company''s performance.
f. Comparison of the remuneration of the key managerial personnel (KMP) against the performance of the Company:
Aggregate remuneration of KMP in FY 2016 Lakhs) |
11.21 |
Revenue Lakhs) |
3234.22 |
Remuneration of KMPs (as % of revenue) |
0.35 |
Profit before Tax (PBT) Lakhs) |
1868.90 |
Remuneration of KMP (as % of PBT) |
0.60 |
g. Variations in the market capitalization of the Company, price earnings ratio as at the closing date of the current financial year and previous financial year :
Particulars |
March 31, 2016 |
March 31, 2015 |
% Change |
Market Capitalisation lakhs)* |
8682.38 |
6322.77 |
37.32% |
Price Earnings Ratio* |
5.05 |
3.02 |
67.22% |
* Based on BSE figures
h. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration : Nil
Increase in the managerial remuneration for the year : NIL
i. Comparison of each remuneration of the key managerial personnel against the performance of the Company :
Particulars |
Mr. Mrigank Dhanuka Managing Director & CEO |
Mr. Pawan Kumar Lath Chief Financial Officer |
Ms. Aditi Dhanuka Company Secretary |
Remuneration in FY 2016 lakhs) |
â |
7.66 |
3.55 |
Revenue lakhs) |
3234.22 |
||
Remuneration as % of revenue |
â |
0.24 |
0.11 |
Profit before Tax (PBT) lakhs) |
1868.90 |
||
Remuneration (as % of PBT) |
â |
0.41 |
0.19 |
j. The key parameters for any variable component of remuneration availed by the directors
There is no variable component of remuneration availed by non-executive directors of the Company. They are entitled to only sitting fees for attending Board / Committee Meetings. k. The ratio of the remuneration of the highest paid director to that of the employees who are not Directors but receive remuneration in excess of the highest paid director during the year Not Applicable, as no remuneration except sitting fees was paid to the directors during the year.
l. Affirmation that the remuneration is as per the remuneration policy of the Company The Company affirms remuneration is as per the remuneration policy of the Company. m. The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is not applicable to the Company.
26. Disclosure requirements
The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandate the formulation of certain policies for all listed companies. All such policies are available on the Company''s website www.dhunseriinvestments.com . The corporate governance report with a certificate thereon from a Practicing Company Secretary is attached, which form part of this report.
The key policies that have been adopted by the Company are as follows :
(i) Details of the familiarization programme of the independent directors are available on the website of the Company (http://dhunseriinvestments.com/downloads/Familiarisation-Programme-of-Independent-Directors.pdf)
(ii) Policy for determining material subsidiaries of the Company is available on the website of the Company (http://dhunseriinvestments.com/downloads/DIL-policy-for-determining-material-subsidiary.pdf).
(iii) Policy on dealing with related party transactions is available on the website of the Company (http:// dhunseriinvestments.com/downloads/related-party-transaction-policy.pdf).
(iv) The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees including directors of the Company to report genuine concerns. There has been no change to the whistle blower policy adopted by the Company during the year 2016 and the said policy is available on the website of the Company (http://dhunseriinvestments.com/downloads/DIL-vigil-mechanism.pdf).
(v) The Company has formulated the Corporate Social Responsibility Policy and the same is available on the website of the Company (http://dhunseriinvestments.com/downloads/CSR-policy.pdf)
(vi) The Company has formulated a policy related to disclosure of material events affecting the Company i.e. Policy on Materiality and the same is available on the website of the Company (http:// dhunseriinvestments.com/downloads/policy-on-materiality.pdf)
(vii) The policy deals with the retention and archival of corporate records of the Company is also available on the website of the Company (http://dhunseriinvestments.com/downloads/policy-on-archival.pdf)
(viii) The Company has formulated the policy on preservation of documents and the same is available in the website of the Company (http://dhunseriinvestments.com/downloads/policy-on-preservation-of-documents.pdf)
27. State of Company''s affairs
The Company''s main business being investments in shares and securities. The Management regularly monitor the changing market conditions and trends. Further, any slowdown of the economic growth or volatility in global financial market could adversely affect the Company''s business.
28. Material changes and commitments, if any, affecting the financial position of the Company
There are no such material changes and commitments which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.
29. Particulars regarding conservation of energy & technology absorption etc.
The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings are not applicable to the Company.
30. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company does not have the required number of women employees and hence the Act is not attracted. However coverage is already being provided by the associate company.
31. Green Initiatives
As part of our green initiative, the electronic copies of this Annual Report including the Notice of the 19th AGM are sent to all members whose email addresses are registered with the Company / Depository Participant(s). For members who have not registered their email addresses, physical copies of this Annual Report including the Notice of the 19th AGM are sent by permitted mode.
The Company is providing e-voting facility to all its members to enable them to cast their votes electronically on all resolutions set forth in the Notice. This is pursuant to Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014. The instructions for e-voting is provided in note 10 annexed to the Notice.
32. Acknowledgement
The Board of Directors take this opportunity to express their grateful appreciation for the excellent assistance and co-operation received from the banks and other authorities. The Board of Directors also thank the employees of the Company for their valuable service and support during the year. The Board of Directors also gratefully acknowledge with thanks the co-operation and support received from the shareholders of the Company.
For and on behalf of the Board of Directors
Place: Kolkata C. K. DHANUKA
Date: The 27th day of May, 2016 Chairman
Mar 31, 2015
Dear Members,
We have pleasure in presenting the 18th Annual Report together with the
Audited Financial Statements of the Company for the year ended 31st
March, 2015.
1. Financial Results:
Rs. in lacs)
For the year For the year
Particulars ended ended
31.03.2015 31.03.2014
Profit before Depreciation & Taxation 2,531.57 876.31
Less : Depreciation (Net) 14.60 14.03
Provision for taxation (Net) 422.57 64.43
Net profit for the year 2,094.40 797.85
Add : Balance brought forward 1,171.45 173.72
Less : Adjustment made for Fixed Assets
(Refer Note No. 24 of the Financial (20.16) Â
Statements
Amount available for appropriation 3,245.69 971.57
The Directors recommend this amount to be
appropriated as under:
Transfer to NBFC Reserve Fund 418.88 159.57
Transfer to General Reserve 2,002.57 500.00
Proposed dividend @ Rs. 1.50 per share 91.46 73.19
(i.e. 15%)
Tax on dividend 18.62 12.44
Balance carried forward 714.16 226.37
3,245.69 971.57
The above results for the year ended 31st March, 2015 comprises of the
merged entities (post amalgamation).
2. Operations :
The income of the Company during the year under review comprised of
dividend income, profit on sale of shares & securities and tea
packeting income.
The tea packeting factory was leased out by the Company to its
associate Company viz Dhunseri Tea & Industries Ltd. w.e.f. 1st
January, 2015.
3. Scheme of Amalgamation :
Pursuant to the Scheme of Amalgamation sanctioned by the Hon'ble High
Court at Calcutta by an Order dated 7th August, 2015, the entire Assets
and Liabilities of Plenty Valley Intra Limited (PVIL), i.e. Transferor
Company, were transferred to and vested in the Company with effect from
1st April, 2014 i.e. (the appointed date). Pursuant to the Scheme of
amalgamation the Authorised share capital of the Company has been
increased to Rs. 10,90,54,480/- divided into 1,09,05,448 equity shares
of Rs. 10/- each and Clause V of the Memorandum of Association of the
Company was altered accordingly. In accordance with the Scheme of
Amalgamation, 6,25,000 equity shares of Rs. 10/- each is being issued
to the shareholders of PVIL in the ratio of 1(one) Equity Share of Rs.
10/- each of the Company for every 8 (eight) Equity Shares of Rs. 10/-
each fully paid-up held by them in PVIL as on the record date (i.e.
25.08.2015). Further 383270 equity shares of the Company held by the
transferor company i.e. PVIL stood cancelled as per the Scheme.
4. Dividend :
The Directors have recommended dividend at Rs. 1.50 per equity share
i.e. 15% for the financial year ended 31st March, 2015 subject to
approval of the shareholders at the ensuing Annual General Meeting. The
said dividend shall be payable on the new equity shares also being
alloted to the shareholders of transferor Company i.e. PVIL. The total
outgo of dividend amount for 2014-2015 inclsuive of taxes will be Rs.
110.08 lacs.
5. Associate Companies :
The Company has the following two associate companies as on 31st March,
2015.
i) Dhunseri Petrochem Ltd. (Formerly known as Dhunseri Petrochem & Tea
Limited)
ii) Dhunseri Tea & Industries Ltd. (Formerly known as Dhunseri Services
Limited)
The Company does not have any subsidiaries as on 31st March, 2015.
Pursuant to provisions of Section 129 (3) of the Act, a statement
containing salient features of the Associate Companies in Form AOC-1 is
attached to the financial statement of the Company.
6. NBFC Public Deposits Directions :
The Company neither invited nor accepted any deposit from the public
during the year 2014-15. The Company does not intend to invite or
accept any public deposit during the year 2015-16. No amount on account
of principal or interest on deposit from public was outstanding as on
31st March, 2015.
7. Extract of Annual Return :
As required u/s 92(3) of the Companies Act, 2013 an extract of the
Annual Return in Form MGT - 9 is annexed to this report. (Annexure - I)
8. Number of Meetings of the Board :
The Board met five times during the year 2014-15. The details are
provided in the Corporate Governance Report annexed to this Report.
9. Directors' Responsibility Statement :
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of
Directors confirm :
(i) that in the preparation of the annual accounts the applicable
accounting standards have been followed and no material departures have
been made from the same; ii) that they have selected such accounting
policies and applied them consistently and made judgements 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 profit and loss of the Company for that period;
(iii) that they 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 they have prepared the annual accounts on a 'going concern'
basis.
(v) that they have laid down internal financial controls to be followed
by the Company and that such internal financial controls are adequate
and are operating effectively.
(vi) that they have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
With reference to the work performed by the internal auditor, statutory
auditor and secretarial auditor and the reviews performed by the
management and the audit committee, the Board is of the opinion that
the Company's internal financial controls were adequate and effective
during the financial year 2014 - 15.
10. Corporate Governance :
The Corporate Governance Report is annexed and forms an integral part
of this Report. The certificate from a practising company secretary
confirming compliance with the conditions of corporate governance is
annexed to the Report.
11. Corporate Social Responsibility (CSR) :
The net profit for the financial year 2014-15 having exceeded Rs. 5
crore, the Company will be constituting a CSR Committee during 2015-16,
as required under Section 135 of the Companies Act, 2013.
12. Directors & Key Managerial Personnel :
Sri Ashok Kumar Lohia, Sri Basudeo Beriwala and Sri Adarsh Garodia were
appointed as Independent Directors of the Company for a term of five
years at the 17th Annual General Meeting (AGM) held on 11th August,
2014. Sri Purshottam Lal Agarwal retired w.e.f. 11th August, 2014 at
the 17th AGM of the Company.
Sri C. K. Dhanuka resigned from the post of Managing Director of the
Company w.e.f. 9th September, 2014. Sri C. K. Dhanuka continues to be
a Director of the Company.
Sri Mrigank Dhanuka was appointed Managing Director of the Company with
concurrent designation of CEO at the Board Meeting held on 9th
September, 2014 subject to Members approval without any remuneration.
Sri C. K. Dhanuka retires by rotation at the ensuing AGM and being
eligible offers himself for reappointment.
Sri Amit Gupta who was appointed as an Additional Director of the
Company at the Board Meeting held on 11th August, 2014 holds office
till the ensuing 18th AGM.
The Companies Act, 2013 provides for appointment of independent
directors. Sub-section (10) of Section 149 of the Companies Act, 2013
provides that independent directors shall hold office for a term of
upto five consecutive years on the Board of a company and shall be
eligible for re-appointment on passing a special resolution by the
shareholders of the company.
Sub-section (11) states that no independent director shall hold office
for more than two consecutive terms but such independent director shall
be eligible for appointment after the expiration of three years of
ceasing to become an independent director.
Section 149 (13) states that the provisions of sub-sections (6) and (7)
of Section 152 in respect of retirement of directors by rotation shall
not be applicable to the appointment of independent directors.
Sri Amit Gupta who was inducted as a Non-Executive Director of the
Company at the board meeting held on 11th August, 2014, is proposed to
be appointed as an independent director of the Company for a term of
five consecutive years w.e.f. 11th August, 2014 subject to members
approval at the ensuing 18th AGM. The Board of Directors recommend his
appointment.
The Company has received a declaration from Sri Amit Gupta that he
meets the criteria of independence as prescribed both under the Act and
Clause 49 of the Listing Agreement.
Sri R Mahadevan, Company Secretary and Chief Financial Officer of the
Company resigned w.e.f. 9th September, 2014. Ms. Aditi Dhanuka was
appointed as Company Secretary and Compliance Officer w.e.f. 9th
September, 2014. Sri Pawan Kumar Lath was appointed as the Chief
Financial Officer of the Company with effect from 1st October, 2014.
13. Board Evaluation :
The Independent Directors of the Company had reviewed the performance
of the Board as well as the Non-Independent directors during the year
on the basis of a list of criteria decided by common consensus by the
Independent Directors in its meeting held on 31st December, 2014. The
Board of Directors in its meeting held on 28th May, 2015 has evaluated
the performance of the Independent Directors also on the basis of a
list of performance criteria. Further the performance evaluation for
the various committees of the Board was also conducted in the same
meeting.
14. Policy on directors' appointment and remuneration and other
details :
The Company's policy on directors' appointment and remuneration and
other matters as required under Section 178(3) of the Act has been
disclosed in the Corporate Governance Report.
15. Internal financial control systems and their adequacy :
The details in respect of internal financial control systems and their
adequacy are included in the Management Discussion & Analysis Report,
which forms part of this report.
16. Audit Committee :
The details pertaining to composition of Audit Committee is included in
the Corporate Governance Report, which forms part of this report.
17. Auditors' Report and Secretarial auditors' Report :
The auditors' report and secretarial auditors' report does not contain
any qualifications, reservations or adverse remarks and have been
annexed to the report.
18. Risk Management :
During the year, a Risk Management Committee was constituted by the
Board to frame, implement and monitor the risk management plan of the
Company. The committee is responsible for reviewing the company's risk
management plan and ensuring its effectiveness. The audit committee has
additional oversight in the area of financial risks and control. The
major risks identified by the Committee are systematically addressed
through effective actions on a continuing basis for mitigating such
risks.
The development and implementation of risk management policy has been
covered in the management discussion and analysis, which forms part of
this report.
19. Particulars of loans, guarantees and investments :
The particulars of loans, guarantees and investments have been
disclosed in the financial statements.
20. Transactions with Related Parties :
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis. During the year, the
Company had not entered into any contract / arrangement / transaction
with related parties which is considered material in accordance with
the policy of the Company on materiality of related party transactions.
The Directors draw attention to Note 26 to the financial statement
which sets out related party disclosures.
21. Management Discussion And Analysis Report :
The Management Discussion and Analysis Report for the year under
review, as stipulated under Clause 49 of the Listing Agreement is
included in the Corporate Governance Report.
22. Particulars of employees :
The information required under Section 197 of the Act read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are given below :
a. The ratio of the remuneration of each director to the median
remuneration of the employees of the Company for the financial year
2014-2015 :
Name of Director Title
Sri C. K. Dhanuka Chairman
Smt. Aruna Dhanuka Non-Executive Director
Sri Mrigank Dhanuka Managing Director & CEO
Sri Brijesh Kumar Biyani Non-Executive Director
Sri Basudeo Beriwala Non-Executive & Independent Director
Sri Ashok Kumar Lohia Non-Executive & Independent Director
Sri Adarsh Garodia Non-Executive & Independent Director
Sri Amit Gupta Non-Executive & Independent Director
Name of Director Ratio to median remuneration
Sri C. K. Dhanuka 0.05
Smt. Aruna Dhanuka 0.09
Sri Mrigank Dhanuka 0.03
Sri Brijesh Kumar Biyani 0.05
Sri Basudeo Beriwala 0.11
Sri Ashok Kumar Lohia 0.05
Sri Adarsh Garodia 0.11
Sri Amit Gupta 0.04
Note : i) No remuneration except sitting fees were paid to the
Directors.
ii) Does not include payments to directors of the transferor company
i.e. PVIL.
The median remuneration of employees of the Company during the FY
2014-15 is Rs. 3.82 Lakhs.
b. The percentage increase in remuneration of each director, chief
executive officer, chief financial officer, company secretary in the
financial year :
Directors, Chief Executive Officer, Chief Financial % increase in
Officer and Company Secretary remuneration
in the financial
year@
1. Sri C. K. Dhanuka, Chairman (Managing Director
upto 08.09.2014)# NIL
2. Smt. Aruna Dhanuka* NIL
3. Sri Mrigank Dhanuka, Managing Director & CEO
(w.e.f. 09.09.2014)** NIL
4. Sri Brijesh Kumar Biyani* NIL
5. Sri Basudeo Beriwala* NIL
6. Sri Ashok Kumar Lohia* NIL
7. Sri Adarsh Garodia* NIL
8. Sri Amit Gupta* NIL
9. Sri R. Mahadevan, Company Secretary
(upto 08.09.2014)@ NIL
10. Sri Pawan Kumar Lath, Chief Financial Officer
(w.e.f. 01.10.2014) @ NIL
11. Ms. Aditi Dhanuka, Company Secretary
(w.e.f. 09.09.2014) @ NIL
# Sri C. K. Dhanuka was appointed as Managing Director without any
remuneration w.e.f. 11.08.2010. Resigned from the post of the Managing
Director w.e.f. 09.09.2014.
** Appointed as Managing Director w.e.f. 09.09.2014 without any
remuneration. No sitting fee paid there after.
* There has been no increase in sitting fees during 2014 - 2015.
@ This informations being part of the year is not comparable.
c. The percentage increase in the median remuneration of employees in
the financial year : 8%
d. The number of permanent employees on the rolls of Company : 3
e. The explanation on the relationship between average increase in
remuneration and Company performance :
On an average, employees received an annual increase of about 7%. The
individual increments varied from 6% to 8% based on individual
performance.
The increase in remuneration is in line with the market trends. In
order to ensure that remuneration reflects Company performance, the
performance pay is also linked to organization performance apart from
an individual's performance.
f. Comparison of the remuneration of the Key Managerial Personnel
(KMP) against the performance of the Company :
Aggregate remuneration of KMP in FY 2014-2015 Lakhs) 8.87
Revenue (Rs. Lakhs) 3668.47
Remuneration of KMPs (as % of revenue) 0.24
Profit before Tax (PBT) (Rs. Lakhs) 2516.97
Remuneration of KMP (as % of PBT) 0.35
g. Variations in the market capitalisation of the Company, price
earnings ratio as at the closing date of the current financial year and
previous financial year :
Particulars March 31, 2015 March 31, 2014 % Change
Market Capitalisation 6322.77 3223.42 96.15
(Rs. lakhs)
Price Earnings Ratio 3.02 4.03 (25.06)
h. Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration :
Nil
Increase in the managerial remuneration for the year : NIL
i. Comparison of each remuneration of the key managerial personnel
against the performance of the Company :
Particulars Mr. C. K. Dhanuka Mr. Mrigank Mr. R.
Managing Director Dhanuka @ Mahadevan
& CEO (upto Company Company
08.09.2014) Managing Secretary
Director (till 08.
& CEO (w.e.f 09.2014)
09.09.2014)
Remuneration in FY 2015 Â Â 3.46
Revenue 3668.47
Remuneration as % of
revenue   0.09
Profit before Tax (PBT) 2516.97
Remuneration
(as % of PBT) Â Â 0.14
Particulars Mr. Pawan Kumar Ms. Aditi Dhanuka
Secretary Lath Chief Company Secretary
Financial Officer (w.e.f. 01.10.2014)
(w.e.f 09.09.2014)
Remuneration in FY 2015 3.53 1.88
Revenue
Remuneration as % of
revenue 0.10 0.05
Profit before Tax (PBT)
Remuneration
(as % of PBT) 0.14 0.07
j. The key parameters for any variable component of remuneration
availed by the directors :
There is no variable component of remuneration for directors as they
are entitled to only sitting fees for attending Board / Committee
Meetings.
k. The ratio of the remuneration of the highest paid director to that
of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year : None
l. Affirmation that the remuneration is as per the remuneration policy
of the Company :
The Company affirms remuneration is as per the remuneration policy of
the Company.
m. The statement of particulars of employees under Section 197(12) of
the Act read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 : Nil
23. Disclosure requirements :
As per Clause 49 of the listing agreements the Corporate Governance
Report along with a certificate there on from a Practicing Company
Secretary is attached with this report.
Details of the familiarization programme of the independent directors
are available on the website of the Company
http://dhunseriinvestments.com/downloads/Familiarisation-Programme-of-In
dependent-Directors.pdf
Policy for determining material subsidiaries of the Company is available
on the website of the Company (http://
dhunseriinvestments.com/downloads/DIL-policy-for-determining-material-su
bsidiary.pdf).
Policy on dealing with related party transactions is available on the
website of the Company (http://
dhunseriinvestments.com/downloads/related-party-transaction-policy.pdf).
The Company has formulated and published a Whistle Blower Policy to
provide Vigil Mechanism for employees including directors of the
Company to report genuine concerns. The provisions of this policy are
in line with the provisions of the Section 177(9) of the Act and the
revised Clause 49 of the Listing Agreements with stock exchanges and
the said policy is available on the website of the Company
(http://dhunseriinvestments.com/ downloads/DIL-vigil-mechanism.pdf).
24. State of Company's affairs :
The Company's main business being investment in shares and securities,
the Management regularly monitors the changing market conditions and
trends. There is neither any change in the nature of business of the
Company nor any significant and material orders were passed by any
regulator or court or tribunals impacting the going concern status
affecting the Company's operation in future.
25. Material changes and commitments, if any, affecting the financial
position of the Company :
There are no such material changes and commitments which have occurred
between the end of the financial year of the Company to which the
financial statements relate and the date of the report.
26. Particulars regarding conservation of energy & technology
absorption etc. :
The particulars in respect of conservation of energy, technology
absorption and foreign exchange earnings and outgo are given in
Annexure II which forms part of this report.
27. Disclosure under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 :
As the Company does not have the required number of employees the
provisions of this Act is not applicable to the Company.
28. Green Initiatives :
As part of our green initiative, the electronic copies of this Annual
Report including the Notice of the 18th AGM are sent to all members
whose email addresses are registered with the Company / Depository
Participant(s). For members who have not registered their email
addresses, physical copies of this Annual Report including the Notice
of the 18th AGM are sent by permitted mode.
The Company is providing e-voting facility to all its members to enable
them to cast their votes electronically on all resolutions set forth in
the Notice. This is pursuant to Section 108 of the Companies Act, 2013
and Rule 20 of the Companies (Management and Administration) Rules,
2014. The instructions for e-voting is provided in note 10 annexed to
the Notice.
29. Acknowledgement :
The Board of Directors take this opportunity to express their grateful
appreciation for the excellent assistance and cooperation received from
the banks and other authorities. The Board of Directors also thankthe
employees of the Company for their valuable service and support during
the year. The Board of Directors also gratefully acknowledge with
thanks the cooperation and support received from the shareholders of
the Company.
For and on behalf of the Board of Directors
Place : Kolkata C. K. DHANUKA
Date : The 13th day of August, 2015 Chairman
Mar 31, 2014
Dear Members,
We have pleasure in presenting the Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 2014.
FINANCIAL RESULTS
For the year For the year
ended ended
31.03.2014 31.03.2013
(Rs. in Lac) (Rs. in Lac)
Profit before Depreciations, Taxation 876.31 748.41
Less: Depreciation (Net) 14.03 13.41
Provision for Taxation (Net) 64.43 40.84
Net Profit for the year 797.85 694.16
Add: Balance brought forward 173.72 204.02
971.57 898.18
The Directors recommend this amount
to be appropriated as under:
Transfer to NBFC Reserve Fund 159.57 138.83
Transfer to General Reserve 500.00 500.00
Proposed Dividend (@ 12.5%) 73.19 73.19
Tax on Dividend 12.44 12.44
Balance carried forward 226.37 173.72
971.57 898.18
Dividend
The Directors recommend a dividend of Rs. 1.25 per equity share for the
financial year ended 31st March, 2014.
Operations
Your Company''s income during the year under review comprised of income
from dividend, profit from sale of investments of shares & securities
and tea packeting income etc.
Auditors'' Report
The notes to the accounts referred to in the Auditors'' Report are
self-explanatory.
Particulars of employees
The provisions of Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 is not attracted
and hence no statement is being enclosed.
Particulars regarding conservation of energy & technology absorption
etc.
The particulars in respect of conservation of energy, technology
absorption and foreign exchange earnings and outgo are attached and
form part of this report.
NBFC Public Deposits Directions
The Company neither invited nor accepted any deposit from the public
during the financial year 2013-14. The Company does not intend to
invite or accept any public deposit during the financial year 2014-15.
Directors
Smt. Aruna Dhanuka, Non-Executive, Non-independent director, will
retire by rotation at the ensuing Annual General Meeting and being
eligible offers herself for re-appointment. The Board of Directors
recommend her re-appointment.
The Companies Act, 2013 provides for appointment of independent
directors. Sub-section (10) of Section 149 of the Companies Act, 2013
(effective 1st April, 2014) provides that independent directors shall
hold office for a term of upto five consecutive years on the Board of a
company and shall be eligible for re-appointment on passing a special
resolution by the shareholders of the Company.
Sub-section (11) states that no independent director shall hold office
for more than two consecutive terms but such independent director shall
be eligible for appointment after the expiration of three years of
ceasing to become an independent director.
Sub-section (13) states that the provisions of sub-sections (6) and (7)
of Section 152 in respect of retirement of directors by rotation, shall
not be applicable to the appointment of independent directors.
Sri Ashok Kumar Lohia, Sri Basudeo Beriwala and Sri Adarsh Garodia,
non-executive independent directors of the Company, are proposed to be
appointed for a term of five consecutive years w.e.f. from the date of
this ensuing AGM subject to members approval at the ensuing AGM. The
Board of Directors recommend their appointment.
Sri Purushottam Lai Agarwal, non-executive independent director, who is
retiring by rotation at the ensuing AGM, under the erstwhile provisions
of the Companies Act, 1956 has informed, that, he does not wish to
offer himself and seek re-appointment as a director at the ensuing AGM.
Directors'' Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
Directors confirm:
(i) that in the preparation of the annual accounts the applicable
accounting standards have been followed and no material departures have
been made from the same;
(ii) that they have selected such accounting policies and applied them
consistently and made judgements 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 profits for
that period;
(iii) that they have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 (to the extent applicable) and
the Companies Act, 2013 (to the extent notified) for safeguarding the
assets of the Company and for preventing and detecting fraud and other
irregularities;
(iv) that they have prepared the annual accounts on a ''going concern''
basis.
Report on Corporate Governance
A separate section on Corporate Governance and Management Discussion
and Analysis together with a certificate from a Practicing Company
Secretary confirming compliance, is set out in the annexure forming
part of this report.
Auditors
The Auditors, Dhandhania & Associates, Chartered Accountants, retire at
the ensuing AGM and have confirmed their eligibility and willingness to
accept office, if appointed.
Corporate Social Responsibility
Every company having net worth of Rs. 500 crore or turnover of Rs.1000
crore or net profit of Rs. 5 crore or more, during any financial year,
is required to constitute a Corporate Social Responsibility Committee,
to formulate policy and to implement and monitor such activities as
envisaged under Section 135 of the Companies Act, 2013.
The net profit of your Company mostly comprises of dividend income
received from its associate company and hence is excluded for the
purpose of arriving at the net profit of the Company, under the
Companies (Corporate Social Responsibility Policy) Rules, 2014.
Accordingly, the provisions of Section 135 is not attracted in respect
of your Company.
Green Initiatives
As part of our green initiative, the electronic copies of this Annual
Report including the Notice of the 17th AGM are sent to all members
whose email addresses are registered with the Company / Depository
Participant(s). For members who have not registered their email
addresses, physical copies of this Annual report including the Notice
of the 17th AGM are sent by permitted mode.
The Company is providing e-voting facility to all members to enable
them to cast their votes electronically on all resolutions set forth in
the Notice. This is pursuant to Section 108 of the Companies Act, 2013
and Rule 20 of the Companies ( Management and Administration) Rules,
2014. The instructions for e-voting is provided in Note No. 18 annexed
to the Notice.
Acknowledgement
Your Directors take this opportunity to express their grateful
appreciation for the excellent assistance and cooperation received from
the banks and other authorities. Your Directors also thank the
employees of the Company for their valuable service and support during
the year. Your Directors also gratefully acknowledge with thanks the
cooperation and support received from the shareholders of the Company.
For and on behalf of the Board of Directors
Kolkata, C K. DHANUKA
27th May, 2014 Chairman of the Board
Mar 31, 2013
The have pleasure in presenting the Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 2013.
FINANCIAL RESULTS
For the
year ended For the
year ended
31.03.2013 31.03.2012
(Rs. in Lac) (Rs. in Lac)
Profit before Depreciations,
Taxation 748.41 843.92
Less: Depreciation (Net) 13.41 11.90
Provision for Taxation (Net) 40.84 55.61
Net Profit for the year 694.16
Add: Balance brought forward 204.02 280.35
898.18 1056.76
The Directors recommend this
amount to be appropriated
as under:
Transfer to NBFC Reserve Fund 138.83 155.28
Transfer to General Reserve 500.00 612.40
Proposed Dividend (@ 12.5%) 73.19 73.19
Tax on Dividend 12.44 11.87
Balance carried forward 173.72 204.02
898.18 1056.76
DIVIDEND
The Directors recommend a dividend of Rs. 1.25 per equity share for the
year ended 31st March, 2013.
OPERATIONS
Your Company''s income during the year under review comprised of income
from dividend, profit from sale of investments of shares & securities
and tea packeting income etc.
AUDITORS'' REPORT
The notes to the accounts referred to in the Auditors'' Report are
self-explanatory.
PARTICULARS OF EMPLOYEES
The provisions of Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 is not attracted
and hence no statement is being enclosed.
PARTICULARS REGARDING CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
ETC.
The particulars in respect of conservation of energy, technology
absorption and foreign exchange earnings and outgo are attached and
form part of this report.
NBFC PUBLIC DEPOSITS DIRECTIONS
The Company neither invited nor accepted any deposit from the public
during the financial year 2012-13. The Company does not intend to
invite or accept any public deposit during the financial year 2013-14.
DIRECTORS
Sri Mrigank Dhanuka, Sri Brijesh Kumar Biyani and Sri Basudeo Beriwala
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends
their re-appointment.
Sri Amit Gupta ceased to be a director of the Company on conclusion of
the 15th Annual General Meeting held on 13th August, 2012. The Board
placed on record its appreciation of the valuable services rendered by
Sri Amit Gupta as a director of the Company.
Sri Adarsh Garodia was appointed as an Additional Director of the
Company at the Board Meeting held on 13th August, 2012. He holds
office till the conclusion of this Annual General Meeting and is
eligible for appointment as director of the Company. The Company has
received a notice under Section 257 of the Companies Act, 1956 from a
member proposing the appointment of Sri Adarsh Garodia as a director of
the Company at this Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
Directors confirm :
(i) that in the preparation of the annual accounts the applicable
accounting standards have been followed and no material departures have
been made from the same;
(ii) that they have selected such accounting policies and applied them
consistently and made judgements 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 profits for
that period;
(iii) that they 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 they have prepared the annual accounts on a ''going concern''
basis.
REPORT ON CORPORATE GOVERNANCE
A separate section on Corporate Governance and Management Discussion
and Analysis together with a certificate from a Practicing Company
Secretary confirming compliance, is set out in the annexure forming
part of this report.
AUDITORS
M/s. Dhandhania & Associates, Chartered Accountants, retire and being
eligible, offer themselves for re-appointment.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their grateful
appreciation for the excellent assistance and cooperation received from
the banks and other authorities. Your Directors also thank the
employees of the Company for their valuable service and support during
the year. Your Directors also gratefully acknowledge with thanks the
cooperation and support received from the shareholders of the Company.
For and on behalf of the Board of Directors
Kolkata, C K. DHANUKA
22nd May, 2013 Chairman of the Board
Mar 31, 2012
The have pleasure in presenting the Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 2012.
FINANCIAL RESULTS
For the
year ended For the
year ended
31.03.2012 31.03.2011
(Rs in Lac) (Rs in Lac)
Profit before Depreciation & Taxation 732.70 1520.98
Less: Depreciation (Net) 11.90 9.68
Provision for Taxation (Net) (55.61) 199.90
Net Profit for the year 776.41 1311.40
Add: Balance brought forward 280.35 266.62
1056.76 1578.02
The Directors recommend this amount
to be appropriated as under:
Transfer to NBFC Reserve Fund 155.28 262.31
Transfer to General Reserve 612.40 950.01
Proposed Dividend 73.19 73.19
Tax on Dividend 11.87 12.16
Balance carried forward 204.02 280.35
1056.76 1578.02
DIVIDEND
The Directors recommend a dividend of Rs 1.25 per Equity Share i.e. @
12.50% for the year ended 31st March, 2012.
OPERATIONS
The Company's income during the year under review mainly comprised of
income from dividend, profit from sale of investments of shares &
securities and tea packeting income etc.
SCHEME OF ARRANGEMENT
In further compliance of the sanctioned Scheme of Arrangement, the
Company received the Certificate of Registration as a systematically
important, non-deposit taking non-banking financial institution from
Reserve Bank of India.
AUDITORS' REPORT
The Notes to the Accounts referred to in the Auditors' Report are
self-explanatory.
PARTICULARS OF EMPLOYEES
The provisions of Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 is not attracted
and hence no statement is being enclosed.
PARTICULARS REGARDING CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
ETC.
The particulars in respect of conservation of energy, technology
absorption and foreign exchange earnings and outgo are attached and
form part of this Report.
NBFC PUBLIC DEPOSITS DIRECTIONS
The Company neither invited nor accepted any deposit from the public
during the financial year 2011-12. The Company does not intend to
invite or accept any public deposit during the financial year 2012-13.
DIRECTORS
Smt. Aruna Dhanuka, Sri Purushottam Lai Agarwal and Sri Ashok Kumar
Lohia retire by rotation at the ensuing Annual General Meeting and
being eligible offer themselves for re-appointment. The Board
recommends their re-appointment.
Sri Arun Bhutoria who was appointed as Director in casual vacancy
w.e.f. 14th November, 2010 expired on 8th October, 2011. The Board
placed on record its appreciation of the valuable services rendered by
Sri Arun Bhutoria as a Director of the Company.
Sri Amit Gupta who was appointed an Additional Director of the Company
w.e.f. 11th November, 2011 and who holds office till the ensuing Annual
General Meeting has expressed his desire not to be appointed a Director
of the Company, due to his other pressing engagements. He will
therefore be retiring from the directorship of the Company on
conclusion of the ensuing Annual General Meeting of the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors confirm:
(i) that in the preparation of the annual accounts the applicable
accounting standards have been followed and no material departures have
been made from the same;
(ii) that they have selected such accounting policies and applied them
consistently and made judgements 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 profits for
that period;
(iii) that they 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 they have prepared the annual accounts on a 'going
concern' basis.
REPORT ON CORPORATE GOVERNANCE
A separate section on Corporate Governance and Management Discussion
and Analysis together with a certificate from a Practising Company
Secretary confirming compliance, is set out in the Annexure forming
part of this Report.
AUDITORS
M/s. Dhandhania & Associates, Chartered Accountants, retire and being
eligible, offer themselves for re-appointment.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their grateful
appreciation for the excellent assistance and cooperation received from
the banks and other authorities. Your Directors also thank the
employees of the Company for their valuable service and support during
the year. Your Directors also gratefully acknowledge with thanks the
cooperation and support received from the shareholders of the Company.
For and on behalf of the Board of Directors
Kolkata, C. K. DHANUKA
28th May, 2012 Chairman of the Board
Mar 31, 2011
Dear Members,
We have pleasure in presenting the Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 2011.
FINANCIAL RESULTS :
For the year
ended For the year
ended
31.03.2011 31.03.2010
(Rs. in lac) (Rs. in lac)
Profit before Depreciation & Taxation 1521.04 484.85
Less : Depreciation (Net) 9.68 9.12
Provision for taxation (Net) 199.90 26.26
Net profit for the year 1311.46 449.47
Add : Balance brought forward 266.54 0.32
1578.00 449.79
The Directors recommend this amount to
be appropriated as under :
Transfer to NBFC Fund 262.31 89.89
Transfer to General Reserve 950.00 25.00
Proposed dividend 73.19 58.55
Tax on dividend 12.16 9.73
Balance carried forward 280.34 266.62
Dividend :
The Directors recommend a dividend of Rs. 1.25 per equity share i.e @
12.50 % for the year ended 31st March, 2011.
Operations :
The Company's income during the year under review is Rs. 1587.23 lac
(Previous year Rs. 485.36 lac), which mainly comprised of dividend,
Income from Sale of Investments in Shares & Securities and Tea
Packeting income.
Scheme of Arrangement :
In further compliance of the sanctioned Scheme of Arrangement, the
following actions were taken by the Company :
- The Company's shares have been listed with the Bombay Stock Exchange
and National Stock Exchange of India Ltd. w.e.f. 18th March, 2011.
- The sale proceeds of the fractional equity shares were distributed to
the respective beneficiaries as per Scheme.
- The Company submitted necessary application to Reserve Bank of India
seeking approval as a Non Banking Financial Company (NBFC) which is
awaited.
Auditors' Report :
The notes to the accounts referred to in the Auditors' Report are
self-explanatory.
Particulars of employees :
The provisions of Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 is not attracted
and hence no statement is being enclosed.
Particulars regarding conservation of energy & technology absorption
etc :
The particulars in respect of conservation of energy, technology
absorption and foreign exchange earnings and outgo are attached and
form part of this report.
Public Deposits :
The Company did not invite nor accepted any deposit from the public
during the year 2010-11 nor does it intend to invite or accept any
public deposit during the financial year 2011-12.
Directors :
Sri Mrigank Dhanuka, Sri Brijesh Kumar Biyani and Sri Basudeo Beriwala
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends
their re-appointment.
Sri S.K. Kejriwal resigned from the Directorship of the Company and Sri
A. Bhutoria was appointed in the said casual vacancy arising from the
said resignation w.e.f. 14th November, 2010.
The Board placed on record its appreciation of the valuable services
rendered by Sri S.K. Kejriwal during his tenure as a director of the
Company.
Directors' responsibility statement :
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
Directors confirm :
(i) that in the preparation of the annual accounts the applicable
accounting standards have been followed and no material departures have
been made from the same;
(ii) that they have selected such accounting policies and applied them
consistently and made judgements 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 profits for
that period;
(iii) that they 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 they have prepared the annual accounts on a 'going concern'
basis.
Report on Corporate Governance :
A separate section on Corporate Governance and Management Discussion
and Analysis together with a certificate from a Practicing Company
Secretary confirming compliance, is set out in the annexure forming
part of this report.
Auditors :
M/s. Dhandhania & Associates, Chartered Accountants, retire and being
eligible, offer themselves for re-appointment.
Acknowledgement :
Your Directors take this opportunity to express their grateful
appreciation for the excellent assistance and co- operation received
from the banks and other authorities. Your Directors also thank the
employees of the Company for their valuable service and support during
the year. Your Directors also gratefully acknowledge with thanks the
co- operation and support received from the shareholders of the
Company.
For and on behalf of the Board of Directors
Place : Kolkata
C. K. DHANUKA
Date : 23rd May, 2011 Chairman of the Board
Mar 31, 2010
We have pleasure in presenting the Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 2010.
FINANCIAL RESULTS:
For the year ended For the year ended
31.03.2010 31.03.2009
(Rs. in lac) (Rs. in lac)
Profit before Depreciation
& Taxation 484.84 0.23
Less : Depreciation (Net) 9.12 -
Provision for taxation (Net) 26.26 0.07
Net profit for the year 449.46 0.16
Add: Balance brought forward 0.33 0.17
The Directors recommend this
amount to be appropriated as under: 449.79 0.33
Transfer to NBFC Fund 89.89 -
Transfer to General Reserve 25.00 -
Proposed dividend 58.55 -
Tax on dividend 9.73 -
Balance carried forward 266.62 0.33
Dividend :
The Directors recommend a dividend of Re.1.00 per equity share i.e @ 10
% for the year ended 31st March, 2010.
Operations :
The Companys income in its first year of operation being post demerger
is Rs 485.36 lacs mainly comprising of dividend income.
The company is also engaged in tea packeting business. The domestic
demand for packet tea is expected to pick- up and with this the volume
of packeting business is also likely to increase in future.
Scheme of Arrangement :
The Scheme of Arrangement entailing the demerger of the Tea Packet
Factory at Jaipur and the Investment Division of Dhunseri Tea &
Industries Ltd. (DTIL) now known as Dhunseri Petrochem & Tea Limited
(DPTL) was sanctioned by the Honble High Court at Calcutta by an Order
dated 6th May, 2010 and the certified copy of the High Court Order
dated 25th June, 2010 which was received on 26th June, 2010 was filed
on 1st July, 2010 with the Registrar of Companies whereupon the said
Scheme became effective from the appointed date i.e. 1st April, 2009.
In compliance of the sanctioned Scheme of Arrangement, the following
actions have been / are being taken by the Company :
- The name of the Company has been changed to Dhunseri Investments
Limited as per the Fresh Certificate of Incorporation Consequent upon
Change of Name, dated 16th July, 2010 issued by Government of India,
Ministry of Corporate Affairs, Registrar of Companies, West Bengal.
- The Aurhorised Capital of the Company has been increased to
Rs.5,90,54,480/- divided into 59,05,448 Equity Shares of Rs. 10/- each.
- The Company has allotted 58,55,448 new equity shares of Rs.10/- each
fully paid-up on 21st July, 2010 to the members of DPTL as on record
date 16.07.2010 fixed for the purpose by DPTL as required by the scheme
in the ratio of one equity share of the Company for every two shares
held in DPTL. With this allotment, the issued and paid-up capital of
the Company has gone up to Rs. 5,85,54,480/-.
- As per the scheme the 50,000 equity shares of the Company held by
DPTL aggregating to Rs.5,00,000/- have been extinguished.
- The despatch of physical share certificates to the allottees
(holding shares of DPTL in physical form) will be completed by 19th
August, 2010. The corporate action involving credit of dematerialised
shares to the allottees (holding shares of DPTL in demat form) have
since been completed by the depositories i.e. NSDL & CDSL.
- Necessary applications have also been made to Bombay Stock Exchange
and National Stock Exchange seeking enlistment of 58,55,448 equity
shares of the Company.
- As soon as the shares are listed and trading commenced at the
respective stock exchanges the fractional shares aggregating to 1366
equity shares shall be sold and the net proceeds thereof will be
distributed to the respective beneficiaries as per the scheme.
- The ISIN allotted by NSDL / CDSL ,for the Companys equity shares is
INE320L01011.
- The Company is in the process of submitting necessary application to
Reserve Bank of India for obtaining approval as a Non Banking Financial
Company (NBFC).
Auditors Report:
The notes to the accounts referred to in the Auditors Report are
self-explanatory.
Particulars of employees :
The provisions of Section 217(2A) of the Companies Act, 1956 read with
the Companies ( Particulars of Employees) Rules, 1975 is not attracted
and hence no statement is being enclosed.
Particulars regarding conservation of energy & technology absorption
etc. :
The particulars in respect of conservation of energy, technology
absorption and foreign exchange earnings and outgo are attached and
form part of this report.
Public Deposits :
The Company did not invite nor accept any deposit from the public
during the year 2009-10 nor does it intend to invite or accept any
public deposit during the financial year 2010-11.
Directors :
Smt. Aruna Dhanuka retires by rotation at this Annual General Meeting
and being eligible offer herself for re- appointment. The Board
recommends her re-appointment.
During the year Sri N. L. Bhuwania and Sri Amit Gupta resigned from the
Board w.e.f. 27.11.2009. The Board placed on record the valuable
services rendered by them during their tenure of directorship.
During the year Sri C.K. Dhanuka, Sri M. Dhanuka and Sri B.K. Biyani
were appointed as Additional Directors of the Company at the Board
Meeting held on 27th November, 2009 and they shall hold office till the
conclusion of this Annual General Meeting and are eligible for
appointment as Directors of the Company. The Company has received
notices under Section 257 of the Companies Act, 1956 from a member
proposing their appointments as Directors of the Company at this Annual
General Meeting.
The Board of Directors of the Company at their meeting held on 11th
August, 2010 appointed Sri Basudeo Beriwala, Sri Purushottam Lai
Agarwal, Sri Ashok Kumar Lohia and Sri Suresh Kumar Kejriwal as
Additional Directors of the Company. They shall hold office till the
conclusion of this Annual General Meeting and are eligible for
appointment as Directors of the Company. The Company has received
notices under Section 257 of the Companies Act, 1956 from a member
proposing their appointments as Directors of the Company at this Annual
General Meeting.
Directors responsibility statement :
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
Directors confirm :
(i) that in the preparation of the annual accounts the applicable
accounting standards have been followed and no material departures have
been made from the same;
(ii) that they have selected such accounting policies and applied them
consistently and made judgements 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 profits for
that period;
(iii) that they 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 they have prepared the annual accounts on a going concern
basis.
Report on Corporate Governance :
A separate section on Corporate Governance and Management Discussion
and Analysis, together with a certificate from a practicing Company
Secretary confirming compliance, is set out in the annexure forming
part of this report.
Auditors :
M/s. Dhandhania & Associates, Chartered Accountants, retire and being
eligible, offer themselves for re-appointment.
Acknowledgement :
Your Directors take this opportunity to express their grateful
appreciation for the excellent assistance and co- operation received
from the banks and other authorities. Your Directors also thank the
employees of the Company for their valuable service and support during
the year. Your Directors also gratefully acknowledge with thanks the
co- operation and support received from the shareholders of the
Company.
For and on behalf of the Board of Directors
Place : Kolkata C.K. DHANUKA
Date : 11th Day of August, 2010 Chairman of the Board
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