Mar 31, 2018
To
The Members,
The Directors have pleasure in presenting the Ninth Annual Report on the business and operations of the Company together with Audited Financial Statements for the Financial Year ended 31st March, 2018.
1. Financial Highlights (on stand-alone basis)
(Rs, in Million)
2017-18 |
2016-17 |
|
Revenue from Operations |
: ? |
? |
Other Income |
: 327.749 |
142.324 |
Total Revenue |
: 327.749 |
142.324 |
Total Expenditure |
: 22.883 |
21.039 |
Profit before Exceptional Items and Tax |
: 304.866 |
121.285 |
Exceptional Items |
: (150.132) |
(1.485) |
Profit before Tax |
: 154.734 |
119.800 |
Tax (Expenses) / Savings |
: (0.560) |
0.075 |
Profit after Tax |
: 154.174 |
119.875 |
2. Dividend & Reserves
The Directors have decided to consolidate Company''s finances during the current year. As a result, the Directors do not recommend any Dividend on Equity Shares for the financial year ended 31st March, 2018.
During the year under review, it is proposed to transfer Rs, 30.835 Million to Reserve Fund (Under Section 45-IC(1) of the Reserve Bank of India Act, 1934). An amount of Rs, 3,622.675 Million is proposed to be retained as Surplus in the Statement of Profit and Loss.
3. Management Discussion and Analysis (MD&A)
Management Discussion and Analysis (MD&A) for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented as a part of the Corporate Governance Report.
4. Corporate Governance
The Company has committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance Requirements set out by SEBI. The Report on Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate section forming part of the Annual Report.
The requisite certificate from Auditors of the Company viz. M/s. P.G. Bhagwat, Chartered Accountants, Pune, confirming compliance with conditions of Corporate Governance is attached to Report on Corporate Governance.
5. Deposits
During the year under review, the Company has not accepted any deposits from the public.
6. Directors
In terms of the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Amit B. Kalyani, Chairman of the Company, is retiring by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.
Mr.C.G. Patankar, Independent Director of the Company resigned with effect from 11th August, 2017, due to his other pre-occupations and ceased to be the Director of the Company. The Board places on record its appreciation of the valuable contributions made by Mr.Patankar during his tenure as Director of the Company.
Mr.S.S. Vaidya, Independent Director of the Company resigned with effect from 18th May, 2018, due to health reasons and ceased to be the Director of the Company. The Board places on record its appreciation of the valuable contributions made by Mr. Vaidya during his tenure as Director of the Company.
The Board of Directors at its meeting held on 18th May, 2018, had co-opted Mr.Shrikrishna K. Adivarekar, as an Additional Independent Director for the period of 5 (five) years from 18th May, 2018 to 17th May, 2023, subject to approval of the members at the ensuing Annual General Meeting.
Mr.B.B. Hattarki, Independent Director on the Board of the Company is seeking re-appointment for a second term of 5 (five) years with effect from 1st April, 2019 to 31st March, 2024.
These appointments / re-appointments form part of the Notice of the Annual General Meeting and the Resolutions are recommended for your approval. Profiles of these Directors are given in the Report on Corporate Governance for reference of the members.
The Company has received declarations from all Independent Directors that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
6.1 Board Evaluation
Pursuant to provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Committees. Performance evaluation has been carried out as per the Board Diversity and Remuneration Policy.
6.2 Board Diversity and Remuneration Policy
The Board has, on the recommendation of the Nomination & Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Board Diversity and Remuneration Policy is available on the website of the Company. (Web-link : http: / / www.kalyani-investment. com/corporate-social-responsibility-csr/board-diversity-remuneration/)
6.3 Meetings of the Board
During the Financial Year 2017-18, five Board Meetings were convened and held. Also a separate meeting of Independent Directors as prescribed under Schedule IV of the Companies Act, 2013 was held. The details of meetings of Board of Directors are provided in the Report on Corporate Governance that forms part of this Annual Report.
7. Directors'' Responsibility Statement
Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby confirmed that :
i) in the preparation of the annual accounts for the year ended 31st March, 2018, the applicable accounting standards have been followed and that there are no material departures;
ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2018 and of the profit of the Company for that period;
iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv) the Directors have prepared the annual accounts for the year ended 31st March, 2018, on a ''going concern'' basis;
v) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
8. Conservation of energy, technology absorption and foreign exchange earnings & outgo
Your Directors have nothing to report on the aforesaid matters as your Company is not engaged in manufacturing, has no foreign collaboration and has not exported or imported any goods or services.
9. Corporate Social Responsibility
As a part of its initiatives under Corporate Social Responsibility (CSR), the Company has undertaken various activities in the areas of education. These activities are carried out in terms of Section 135 read with Schedule VII of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014.
The details of CSR Activities undertaken by the Company are annexed herewith as Annexure "A". The CSR Policy is available on Company''s website. (Web-link : http: / / www.kalyani-investment.com / corporate-social-responsibility-csr/)
10. Related Party Transactions
During the year under review, the Company has not entered into any related party transactions with related parties, in terms of sub-section (1) of Section 188 of the Companies Act, 2013. The policy on Related Party Transactions as approved by the Board is uploaded on the Company''s website. (Web-link : http://www.kalyani-investment.com/ corporate-social-responsibility-csr/related-party-transaction/)
11. Risk Management
The Company recognises that risk is an integral and unavoidable component of business and is committed to managing the risk in a proactive and efficient manner. The Company as part of business strategy has in place a mechanism to identify, assess, monitor risks and mitigate various risks with timely action. Risks are discussed at the meetings of the Audit Committee and the Board of Directors of the Company.
12. Audit Committee
As on 31st March, 2018, The Audit Committee comprises of Mr.B.B. Hattarki, Chairman of the Committee and Independent Director, Mr.S.S. Vaidya and Mr.R.K. Goyal, Independent Directors.
All the recommendations made by the Audit Committee were deliberated and accepted by the Board during the Financial Year 2017-18.
13. Auditor and Auditor''s Report
The members, at their Eighth Annual General Meeting held on 1st August, 2017, had appointed M/s. P.G. Bhagwat, Chartered Accountants, Pune, as Auditors of the Company, to hold office for the period of five years i.e. from the conclusion of Eighth Annual General Meeting till the conclusion of the Thirteenth Annual General Meeting to be held in 2022 and the said appointment was subject to ratification by members at every Annual General Meeting.
The Companies (Amendment) Act, 2017, has amended Section 139(1) of the Companies Act, 2013, effective from 7th May, 2018, whereby first proviso to Section 139(1) is omitted which provided for ratification of appointment of Auditors by members at every Annual General Meeting.
In view of the same, the Board of Directors have proposed to ratify appointment of M/s. P.G. Bhagwat, Chartered Accountants, Pune (Firm Registration No.101118W), as Auditors of the Company, for the period of four years i.e. from the Conclusion of this Annual General Meeting till the conclusion of the Thirteenth Annual General Meeting to be held in 2022.
The Company has received letter from M/s P.G. Bhagwat, Chartered Accountants, to the effect that ratification of appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for appointment.
The Directors recommend ratification of appointment of Auditors from the conclusion of ensuing Annual General Meeting till the conclusion of the Thirteenth Annual General Meeting to be held in 2022.
The Notes on Financial Statements referred to in the Auditor''s Report are self-explanatory and hence do not call for any further comments. The Auditor''s Report does not contain any qualification, reservation, adverse remark or disclaimer.
14. Secretarial Audit and Secretarial Standards
Pursuant to provisions of Section 204 of the Companies Act, 2013, the Board had appointed M/s SVD & Associates, Company Secretaries, Pune, to undertake Secretarial Audit of the Company for the Financial Year 2017-18. The Secretarial Audit Report for the Financial Year ended 31st March, 2018 is annexed herewith as Annexure "B". The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.
The Company is compliant with the Secretarial Standards issued by the Council of the Institute of Company Secretaries of India and approved by Central Government under Section 118(10) of the Companies Act, 2013.
15. Particulars of Employees and related Disclosures
The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, has been provided in Annexure "C".
16. Extract of the Annual Return
An extract of the Annual Return of the Company, pursuant to Section 92(3) of the Companies Act, 2013, in Form MGT-9 is annexed hereto as Annexure "D".
17. Whistle Blower Policy
The Company has vigil mechanism named ''Whistle Blower Policy'', wherein the employees / directors can report the instances of unethical behaviour, actual or suspected fraud or any violation of the Code of Conduct and / or laws applicable to the Company and seek redressal. This mechanism provides appropriate protection to the genuine Whistle Blower, who avail of the mechanism. During the year under review, the Company has not received any complaint under the said mechanism. The ''Whistle Blower Policy'' as approved by the Board is uploaded on the Company''s website. (Web-link : http://www.kalyani-investment.com/corporate-social-responsibility-csr/whistle-blower/)
18. Particulars of Loans, Guarantees or Investments
Particulars of Loans, Guarantees and Investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the Financial Statements provided in this Annual Report.
19. Internal Financial Controls
The Company has in place adequate internal financial controls with reference to the Financial Statements. During the year, such controls were tested and no reportable material weakness was observed in the design or implementation.
20. Material Changes and Commitments, if any, affecting Financial Position of the Company
There are no adverse material changes or commitments occurring after 31st March, 2018, which may affect the financial position of the Company or may require disclosure.
21. Significant and Material Orders
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company''s operations in future.
22. Familiarisation Programme
The Board members are provided with necessary documents / brochures, reports and internal policies to enable them to familiarise with the Company''s procedures and practices. Periodic presentations are made at Board Meetings, Board Committee Meetings, on business and performance updates of the Company, global business environment, business strategy and risks involved.
The details of programmes for familiarisation of Independent Directors with the Company are put up on website of the Company. (Web-link : http://www.kalyani-investment.com/board-of-directors/)
23. Subsidiaries, Joint Ventures or Associate Companies
The Company does not have any Subsidiary / Joint Venture.
As on 31st March, 2018, the Company has two associates. A statement containing the salient features of the financial statement of the Associate Companies, in the prescribed format AOC-1, is annexed hereto as Annexure "E".
24. Consolidated Financial Statements
The Consolidated Financial Statements, pursuant to Section 129 of the Companies Act, 2013 are attached to the Standalone Financial Statements of the Company.
25. Acknowledgement
The Directors take this opportunity to express its deep gratitude for the continued co-operation and support received from its valued shareholders.
For and on behalf of the Board of Directors
Place : Pune Amit B. Kalyani
Date : 18th May, 2018 Chairman
Mar 31, 2017
The Directors have pleasure in presenting the Eighth Annual Report on the business and operations of the Company and Audited Financial Statements for the year ended 31st March, 2017.
1. Financial Highlights (on stand-alone basis)
(Rs. in Million)
|
2016-17 |
2015-16 |
Revenue from Operations |
: - |
5.352 |
Other Income |
: 142.324 |
402.096 |
Total Revenue |
: 142.324 |
407.448 |
Total Expenditure |
: 21.039 |
20.839 |
Profit before Exceptional Items and Tax |
: 121.285 |
386.609 |
Exceptional Items |
: (1.485) |
(122.516) |
Profit before Tax |
: 119.800 |
264.093 |
Tax (Expenses) / Savings |
: 0.075 |
(0.113) |
Profit after Tax |
: 119.875 |
263.980 |
2. Dividend & Reserves
The Directors have decided to consolidate Company''s finances during the current year. As a result, the Directors do not recommend any Dividend on Equity Shares for the financial year ended 31st March, 2017.
During the year under review, it is proposed to transfer Rs. 23.975 Million to Reserve Fund (Under Section 45IC(1) of the Reserve Bank of India Act, 1934). An amount of Rs.3,473.673 Million is proposed to be retained as Surplus in the Statement of Profit and Loss.
3. Management Discussion and Analysis Report
Management Discussion and Analysis Report (MD&A) for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented as a part of the Corporate Governance Report.
4. Corporate Governance
The Report on Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate section forming part of the Annual Report.
A certificate from Statutory Auditor of the Company Mr.P.V. Deo, Chartered Accountant, Pune, confirming compliance with conditions of Corporate Governance as stipulated under the aforesaid Regulations, is attached to Report on Corporate Governance.
5. Fixed Deposits
The Company has not accepted any deposits from the public during the year.
6. Directors
In terms of the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mrs.Deeksha A. Kalyani, Director of the Company, is retiring by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment.
The said re-appointment forms part of the Notice of Annual General Meeting and the Resolution is recommended for your approval. Profile of Mrs.Deeksha A. Kalyani, is given in the Report on Corporate Governance.
The Company has received declarations from all Independent Directors that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
6.1 Board Evaluation
Pursuant to provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Committees.
6.2 Board Diversity and Remuneration Policy
The Board has, on the recommendation of the Nomination & Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Board Diversity and Remuneration Policy is available on the website of the Company. (Web-link : http://www.kalyani-investment.com/corporate-social-responsibility-csr/board-diversity-remuneration/)
6.3 Meetings of the Board
During the Financial Year 2016-17, six Board Meetings were convened and held, the details of which are given in the Corporate Governance Report.
7. Directors'' Responsibility Statement
Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby confirmed that :
i) in the preparation of the annual accounts for the year ended 31st March, 2017, the applicable accounting standards have been followed and that there are no material departures;
ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2017 and of the profit of the Company for that period;
iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv) the Directors have prepared the annual accounts for the year ended 31st March, 2017, on a ''going concern'' basis;
v) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
8. Conservation of energy, technology absorption and foreign exchange earnings & outgo
Your Directors have nothing to report on the aforesaid matters as your Company is not engaged in manufacturing, has no foreign collaboration and has not exported or imported any goods or services.
9. Corporate Social Responsibility
As a part of its initiatives under "Corporate Social Responsibility (CSR)", the Company has undertaken various activities in the areas of education. These activities are carried out in terms of Section 135 read with Schedule VII of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014.
The details of CSR Activities undertaken by the Company are annexed herewith as Annexure "A". The CSR Policy is available on Company''s website. (Web-link : http: //www.kalyani-investment.com/corporate-social-responsibility-csr/)
10. Related Party Transactions
During the year under review, the Company has not entered into any related party transactions with related parties, in terms of sub-section (1) of Section 188 of the Companies Act, 2013. The policy on Related Party Transactions as approved by the Board is uploaded on the Company''s website. (Web-link : http: //www.kalyani-investment.com/ corporate-social-responsibility-csr/related-party-transaction/)
11. Risk Management
The Company recognizes that risk is an integral and unavoidable component of business and is committed to managing the risk in a proactive and efficient manner. The Company as part of business strategy has in place a mechanism to identify, assess, monitor risks and mitigate various risks with timely action. Risks were discussed at the meetings of the Audit Committee and the Board of Directors of the Company.
12. Statutory Auditor and Auditor''s Report
As per the provisions of Section 139 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014, the term of Mr.P.V. Deo, Chartered Accountant, Pune (Membership No.41609) as the Statutory Auditor of the Company expires at the conclusion of the ensuing Annual General Meeting of the Company.
The Board of Directors places on record its appreciation for the services rendered by Mr.P.V. Deo, as Statutory Auditor of the Company.
In view of the mandatory requirement of rotation of Auditors, the Board of Directors of the Company on the recommendation of the Audit Committee, have proposed the appointment of M/s. P. G. Bhagwat, Chartered Accountants, Pune (Firm Registration No.101118W), as Statutory Auditors of the Company to hold office for the period of five years i.e. from the conclusion of ensuing Annual General Meeting till the conclusion of Thirteenth Annual General Meeting of the Company to be held in 2022 (subject to ratification of appointment at every Annual General Meeting).
The Company has received letter from M/s. P. G. Bhagwat, Chartered Accountants, to the effect that their appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for appointment.
The Directors recommend appointment of M/s. P. G. Bhagwat, Chartered Accountants, as Statutory Auditors from the conclusion of ensuing Annual General Meeting till the conclusion of the Thirteenth Annual General Meeting to be held in 2022.
The Notes on Financial Statements referred to in the Auditor''s Report are self-explanatory and hence do not call for any further comments. The Auditor''s Report does not contain any qualification, reservation, adverse remark or disclaimer.
13. Secretarial Audit
Pursuant to provisions of Section 204 of the Companies Act, 2013, the Board had appointed M/s SVD & Associates, Company Secretaries, Pune, to undertake Secretarial Audit of the Company for the Financial Year 2016-17. The Secretarial Audit Report for the Financial Year ended 31st March, 2017 is annexed herewith as Annexure "B". The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.
14. Particulars of Employees and related Disclosures
The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, has been provided in Annexure "C".
15. Extract of the Annual Return
An extract of the Annual Return of the Company, pursuant to the Section 92(3) of the Companies Act, 2013, in Form MGT-9 is annexed hereto as Annexure "D".
16. Whistle Blower Policy
The Company has vigil mechanism named ''Whistle Blower Policy'', wherein the employees / directors can report the instances of unethical behavior, actual or suspected fraud or any violation of the Code of Conduct and / or laws applicable to the Company and seek redressal. This mechanism provides appropriate protection to the genuine Whistle Blower, who avail of the mechanism. During the year under review, the Company has not received any complaint under the said mechanism. The ''Whistle Blower Policy'' as approved by the Board is uploaded on the Company''s website. (Web-link : http://www.kalyani-investment.com/corporate-social-responsibility-csr/whistle-blower/)
17. Particulars of Loans, Guarantees or Investments
Particulars of Loans, Guarantees and Investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the Financial Statements provided in this Annual Report.
18. Internal Financial Controls
The Company has in place adequate internal financial controls with reference to the Financial Statements. During the year, such controls were tested and no reportable material weakness was observed in the design or implementation.
19. Material Changes and Commitments, if any affecting Financial Position of the Company
There are no adverse material changes or commitments occurring after 31st March, 2017, which may affect the financial position of the Company or may require disclosure.
20. Significant and Material Orders
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company''s operations in future.
21. Familiarization Programme
The details of programmes for familiarisation of Independent Directors with the Company are put up on website of the Company. (Web-link : http://www.kalyani-investment.com/board-of-directors/)
22. Names of companies which have become / ceased to be Subsidiaries, Joint Ventures or Associate Companies during the year
The Company does not have any Subsidiary / Joint Venture.
A statement containing the salient features of the financial statement of the Associate Companies, in the prescribed format AOC-1, is annexed hereto as Annexure "E".
23. Consolidated Financial Statements
The Consolidated Financial Statements, pursuant to Section 129 of the Companies Act, 2013 are attached to the Standalone Financial Statements of the Company.
24. Acknowledgement
The Directors take this opportunity to express their deep gratitude for the continued co-operation and support received from valued shareholders.
For and on behalf of the Board of Directors
Place : Pune Amit B. Kalyani
Date : 25th May, 2017 Chairman
Mar 31, 2015
The Members,
The Directors have pleasure in presenting the Sixth Annual Report on
the business and operations of the Company and the Audited Financial
Statements for the year ended 31st March, 2015.
1. Financial Highlights
(Rs in Million)
2014-15 2013-14
Revenue from Operations : 6.575 2.015
Other Income : 188.245 164.225
Total Revenue : 194.820 166.240
Total Expenditure : 24.005 31.323
Profit before Exceptional Items and Tax : 170.815 134.917
Exceptional Items : Â 55.605
Profit before Tax 170.815 190.522
Tax Expenses 1.280 11.460
Profit after Tax : 169.535 179.062
2. Dividend & Reserves
The Directors have decided to consolidate Company's finances during the
current year. As a result, the Directors do not recommend any Dividend
on Equity Shares for the financial year ended 31st March, 2015.
During the year under review, it is proposed to transfer Rs. 33.908
Million to Reserve Fund (Under Section 45IC(1) of the Reserve Bank of
India Act, 1934). An amount of Rs. 246.576 Million is proposed to be
retained as 'Surplus in the Statement of Profit and Loss'.
3. Management Discussion and Analysis Report
Management Discussion and Analysis Report (MD&A) for the year under
review, as stipulated under Clause 49 of the Listing Agreement, is
presented as a part of the Corporate Governance Report.
4. Corporate Governance
Report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement, is presented in a separate section forming part of
this Annual Report.
A certificate from Statutory Auditor of the Company, Mr.P.V. Deo,
Chartered Accountant, Pune confirming compliance with conditions of
Corporate Governance as stipulated under the aforesaid Clause 49, is
attached to Report on Corporate Governance.
5. Fixed Deposits
The Company has not accepted any deposits from the public during the
year.
6. Directors
In terms of the provisions of the Companies Act, 2013 and the Articles
of Association, Mr.Amit B. Kalyani, Director of the Company, is
retiring by rotation at the ensuing Annual General Meeting and being
eligible, offers himself for re-appointment.
Mrs.Deeksha A. Kalyani, who was appointed as an Additional Director on
the Board, with effect from 30th March, 2015, holds office till the
ensuing Annual General Meeting. Notice proposing appointment of
Mrs.Deeksha A. Kalyani, as Director having been received, the matter is
included in the Notice for the ensuing Annual General Meeting.
These appointments form part of the Notice of the Annual General
Meeting and the Resolutions are recommended for your approval. Profiles
of these Directors, as required by Clause 49 of the Listing Agreement,
are given in the Report on Corporate Governance.
The Company has received declarations from all Independent Directors
that they meet the criteria of independence as laid down under Section
149(6) of the Companies Act, 2013 and Clause 49 of the Listing
Agreement.
6.1 Board Evaluation
Pursuant to provisions of the Companies Act, 2013 and Clause 49 of the
Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Committees. The manner in which
the evaluation has been carried out has been explained in the Corporate
Governance Report.
6.2 Board Diversity and Remuneration Policy
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Board Diversity and
Remuneration Policy is available on the website of the Company viz.
www.kalyani-investment.com.
6.3 Meetings
During the year, six Board Meetings were convened and held, the details
of which are given in the Corporate Governance Report.
7. Directors' Responsibility Statement
Pursuant to the requirements under Section 134(3)(c) of the Companies
Act, 2013, with respect to Directors' Responsibility Statement, it is
hereby confirmed that :
i) in the preparation of the annual financial statements for the year
ended 31st March, 2015, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2015 and of the profit of the Company
for the year ended on that date;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) the Directors have prepared the annual financial statements for the
year ended 31st March, 2015, on a 'going concern' basis;
v) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively;
vii)) the Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
8. Conservation of energy, technology absorption and foreign exchange
earnings & outgo
Your Directors have nothing to report on the aforesaid matters as your
Company is not engaged in manufacturing, has no foreign collaboration
and has not exported or imported any goods or services.
9. Corporate Social Responsibility
With the enactment of the Companies Act, 2013 and the Companies
(Corporate Social Responsibility) Rules, 2014, the Company has planned
activities as per the Corporate Social Responsibility (CSR) Policy and
the details of CSR Activities being undertaken by the Company are
annexed herewith as Annexure "A". The CSR Policy is available on
Company's website www.kalyani-investment.com.
10. Related Party Transactions
During the year under review, the Company has not entered into any
related party transactions with related parties, in terms of
sub-section (1) of Section 188 of the Companies Act, 2013. The policy
on Related Party Transactions as approved by the Board is uploaded on
the Company's website viz. www.kalyani-investment.com.
11. Risk Management
Pursuant to requirement of Clause 49 of the Listing Agreement, the
Company has constituted a Risk Management Committee. The details of the
Committee and the Risk Management Policy are set out in the Corporate
Governance Report forming part of the Directors' Report.
12. Statutory Auditor and Auditor's Report
At the 5th Annual General Meeting held on 5th September, 2014, Mr.P.V.
Deo, Chartered Accountants, Pune was appointed as Auditor of the
Company, to hold office for the period of three years i.e. from the
conclusion of 5th Annual General Meeting till the conclusion of the 8th
Annual General Meeting to be held in 2017 and the said appointment is
subject to ratification by the members at every Annual General Meeting,
in term of First Proviso to Section 139 of the Companies Act, 2013.
The Company has received letter from Mr.P.V. Deo, Chartered
Accountants, Pune to the effect that his appointment, if made, would be
within the prescribed limits under Section 141(3)(g) of the Companies
Act, 2013 and that he is not disqualified for appointment.
The Directors recommend ratification of his appointment from the
conclusion to ensuing Annual General Meeting till the conclusion of the
7th Annual General Meeting.
The Notes on Financial Statements referred to in the Auditor's Report
are self-explanatory and hence do not call for any further comments.
The Auditor's Report does not contain any qualification, reservation,
adverse remark or disclaimer.
13. Secretarial Audit
Pursuant to provisions of Section 204 of the Companies Act, 2013, the
Board has appointed M/s SVD & Associates, Company Secretaries, Pune, to
undertake Secretarial Audit of the Company for the Financial Year
2014-15. The Secretarial Audit Report is annexed herewith as Annexure
"B". The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.
14. Particulars of Employees and related Disclosures
The information required pursuant to Section 197(12) of the Companies
Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, as amended, has been provided in
Annexure "C".
15. Extract of the Annual Return
An extract of the Annual Return as on 31st March, 2015, pursuant to the
Section 92(3) of the Companies Act, 2013 is annexed hereto as Annexure
"D".
16. Whistle Blower Policy
The Company has vigil mechanism named 'Whistle Blower Policy', wherein
the employees / directors can report the instances of unethical
behavior, actual or suspected fraud or any violation of the Code of
Conduct and / or laws applicable to the Company and seek redressal.
This mechanism provides appropriate protection to the genuine Whistle
Blower, who avail of the mechanism. The 'Whistle Blower Policy' as
approved by the Board is uploaded on the Company's website viz.
www.kalyani-investment.com.
17. Particulars of Loans, Guarantees or Investments
Particulars of Loans, Guarantees and Investments covered under Section
186 of the Companies Act, 2013 form part of the notes to the Financial
Statements provided in this Annual Report.
18. Internal Financial Controls
The Company has in place adequate internal financial controls with
reference to the Financial Statements. During the year, such controls
were tested and no reportable material weakness was observed in the
design or implementation.
19. Material Changes and Commitments, if any affecting Financial
Position of the Company
There are no adverse material changes or commitments occurring after
31st March, 2015, which may affect the financial position of the
Company.
20. Significant and Material Orders
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company's
operations in future.
21. Familiarisation Programme
The details of programmes for familiarisation of Independent Directors
with the Company are put up on website of the Company viz.
www.kalyani-investment.com.
22. Acknowledgement
The Directors take this opportunity to express its deep gratitude for
the continued co-operation and support received from its valued
shareholders.
For and on behalf of the Board of Directors
Place : Pune Amit B. Kalyani
Date : 21st May, 2015 Chairman
Mar 31, 2013
Dear Shareholders,
The Directors have pleasure in presenting the Fourth Annual Report on
the business and operations of the Company and the Audited Financial
Statements for the year ended 31st March, 2013.
1. Financial Results:
During the year under review, the Company divested its interest in
Kalyani Gerdau Steels Limited. Accordingly the loss on the sale of the
said investments aggregating to Rs. 166,300,000/-, has been disclosed as
an exceptional item in the Statement of Profit and Loss.
As a result, the Company has made a net loss of Rs. 53,694,528/- during
the year, as compared to profit of Rs. 164,797,391 /- in the previous
year.
2. Dividend:
The Directors do not recommend any dividend on 14% Non-Cumulative
Redeemable Preference Shares and Equity Shares of the Company for the
year ended 31st March, 2013, in view of the loss incurred by the
Company.
3. Directors :
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr.Amit B. Kalyani and Mr.B.B.
Hattarki, Directors of the Company are retiring by rotation at the
ensuing Annual General Meeting and being eligible, offer themselves for
re-appointment.
These appointments form part of the Notice of the Annual General
Meeting and the Resolutions are recommended for your approval. Profiles
of these Directors, as required by the Corporate Governance Code
(Clause 49 of the Listing Agreement), are given in the report on
Corporate Governance.
4. Directors'' Responsibility Statement:
Pursuant to the requirements under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed that:
i) in the preparation of the financial statements for the year ended
31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any;
ii) the Directors had 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 as at 31st March, 2013 and of the loss of the Company
for the year under review;
iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors had prepared the financial statements for the year
ended 31st March, 2013, on a going concern'' basis.
5. Fixed Deposits:
The Company has not accepted any deposits from the public.
6. Auditor and Auditor''s Report:
Mr.P.V. Deo, Chartered Accountant, Auditor of the Company, holds office
until the conclusion of the ensuing Annual General Meeting and is
eligible for re-appointment.
The Company has received letter from Mr.P.V. Deo, Chartered Accountant,
to the effect that his appointment, if made, would be within the
prescribed limits under Section 224(1-B) of the Companies Act, 1956 and
that he is not disqualified for such appointment within the meaning of
Section 226 of the Companies Act, 1956.
The observations and comments given by the Auditor in his Report read
together with notes to accounts are self-explanatory and hence do not
call for any further comments under Section 217 of the Companies Act,
1956.
7. Particulars of Employees :
During the year, no person was employed for the whole or part of the
year and was in receipt of remuneration at the rate of Rs. 6,000,000/-
per annum or Rs. 500,000/- per month or in excess thereof as the case may
be, respectively.
8. Conservation of energy, technology absorption and foreign exchange
earnings & outgo :
Your Directors have nothing to report on the aforesaid matters as your
Company is not engaged in manufacturing, has no foreign collaboration
and has not exported or imported any goods or services.
for and on behalf of the
Board of Directors
Place : Pune Amit B. Kalyani
Date : 24th May, 2013 Chairman
Mar 31, 2012
The Directors have pleasure in presenting the Third Annual Report on
the business and operations of the Company and the Audited Financial
Statements for the year ended 31st March, 2012.
1. Financial Results :
During the year under review, your Company has made a net profit of Rs
164,797,391/- as compared to Rs 63,656,329/- in the previous year.
2. Dividend :
Your Directors have declared interim dividend of 14% on Non-Cumulative
Redeemable Preference Shares during the year ended 31st March, 2012.
Your Directors do not recommend any dividend on Equity Shares of the
Company for the year ended 31st March, 2012.
3. Directors :
Mr.R.K. Goyal who was co-opted on the Board of the Company as an
Additional Director, with effect from 12th August, 2011, holds office
till the ensuing Annual General Meeting. Notice proposing appointment
of Mr.R.K. Goyal as Director having been received, the matter is
included in the Notice for the ensuing Annual General Meeting.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr.S.S. Vaidya and Mr.C.G.
Patankar, Directors of the Company are retiring by rotation at the
ensuing Annual General Meeting and being eligible, offer themselves for
re-appointment.
These appointments form part of the Notice of the Annual General
Meeting and the Resolutions are recommended for your approval. Profiles
of these Directors, as required by the Corporate Governance Code
(Clause 49 of the Listing Agreement), are given in the report on
Corporate Governance.
4. Directors' Responsibility Statement :
Pursuant to the requirements under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed that :
i) in the preparation of the financial statements for the year ended
31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any;
ii) the Directors had 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 as at 31st March, 2012 and of the profit of the Company
for the year under review;
iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors had prepared the financial statements for the year
ended 31st March, 2012, on a 'going concern' basis.
5. Fixed Deposits :
The Company has not accepted any deposits from the public.
6. Auditors :
You are requested to re-appoint the Auditor of the Company for the
Current Year to hold office from the conclusion of the ensuing Annual
General Meeting until the conclusion of the next Annual General
Meeting.
7. Particulars of Employees :
During the year, no person was employed for the whole or part of the
year and was in receipt of remuneration at the rate of Rs 6,000,000/-
per annum or Rs 500,000/- per month or in excess thereof as the case may
be, respectively.
8. Conservation of energy, technology absorption and foreign currency
exchange earnings & outgo :
Your Directors have nothing to report on the aforesaid matters as your
company is not engaged in manufacturing, has no foreign collaboration
and has not exported or imported any goods or services.
for and on behalf of the Board of Directors
Place : Pune Amit B. Kalyani
Date : 26th May, 2012 Chairman
Mar 31, 2011
Dear Shareholders,
The Directors have pleasure in presenting their Second Annual Report on
the business and operations of the Company and the Audited Accounts for
the year ended 31st March, 2011.
1. Listing of Equity Shares :
The Directors are pleased to inform you the listing of Equity Shares of
the Company on Bombay Stock Exchange Limited (BSE), National Stock
Exchange of India Limited (NSE) and Pune Stock Exchange Limited (PSE)
with effect from 14th January, 2011.
2. Financial Results:
During the year under review your Company has made a net profit of Rs.
63,656,329/- as compared to Rs. 59,459/- in the previous year.
3. Dividend:
Considering the extent of distributable profits available with the
Company, your Directors have declared interim dividend of 7% on
Non-Cumulative Redeemable Preference Shares.
Your Directors do not recommend any dividend on Equity Shares of the
Company for the year ended 31st March, 2011.
4. Directors :
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr.Amit B. Kalyani and Mr.B.B.
Hattarki, Directors of the Company are retiring by rotation at the
ensuing Annual General Meeting and being eligible, they offer
themselves for re-appointment.
These appointments form part of the Notice of the Annual General
Meeting and the Resolutions are recommended for your approval. Profiles
of these Directors, as required by the Corporate Governance Code
(Clause 49 of the Listing Agreement), are given in the report on
Corporate Governance.
5. Directors' Responsibility Statement:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, your
Directors confirm that:
i) in the preparation of the accounts for the financial year ended 31st
March, 2011, the applicable accounting standards have been followed
along with proper explanation relating to material departures, if any;
ii) accounting policies selected had been applied consistently and made
judgments and estimates that were reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company at the end
of the financial year and of the profit of the Company for the year
under review;
iii) proper and sufficient care had been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities and;
iv) the annual accounts had been prepared, on a going concern basis.
6. Fixed Deposits:
The Company has not accepted any deposits from the public.
7. Auditors:
You are requested to re-appoint the Auditor of the Company for the
Current Year to hold office from the conclusion of the ensuing Annual
General Meeting until the conclusion of the next Annual General
Meeting.
8. Particulars of Employees :
During the year, no person was employed for the whole or part of the
year and was in receipt of remuneration at the rate of Rs. 6,000,000/-
per annum or Rs. 500,000/- per month or in excess thereof as the case
may be, respectively.
9. Conservation of energy, technology absorption and foreign currency
exchange earnings & outgo :
Your Directors have nothing to report on the aforesaid matters as your
company is not engaged in manufacturing, has no foreign collaboration
and has not exported or imported any goods or services.
for and on behalf of the Board of Directors
Amit B. Kalyani
Chairman
Place : Pune
Date : 25th May, 2011
Mar 31, 2010
The Company has received "In-principle" approvals for listing from all
the aforesaid Stock Exchanges and the Equity Shares of your Company
would be listed and admitted to dealings on receipt of approval of
Securities and Exchange Board of India (SEBI) by relaxation of Rule
19(2)(b) of the Securities Contracts (Regulation) Rules, 1957.
3. Financial Results:
During the period under review your Company has made a net profit of
Rs.59,459/-.
4. Dividend:
Your Directors do not recommend any dividend for the period under
review.
5. Directors:
Mr.B.B. Hattarki, First Director of the Company, appointed by virtue of
the provisions of the Articles of Association, holds office till the
conclusion of the ensuing Annual General Meeting and is eligible for
appointment.
Mr.Amit B. Kalyani and Mr.C.G. Patankar, were appointed as an
Additional Directors with effect from 16th September, 2009. Mr.S.S.
Vaidya, was appointed as an Additional Director with effect from 31st
March, 2010. All these Directors hold office till the conclusion of the
ensuing Annual General Meeting and are eligible for appointment.
The appointments of Mr.B.B. Hattarki, Mr.Amit B. Kalyani, Mr.C.G.
Patankar and Mr.S.S. Vaidya, form part of the Notice of the Annual
General Meeting and the resolutions for their appointments are
recommended for your approval. Profiles of these Directors, as
required by the Corporate Governance Code (Clause 49 of the Listing
Agreement), are given in the report on Corporate Governance.
6. Directors Responsibility Statement:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, your
Directors confirm that:
i) in the preparation of the accounts for the financial year ended 31st
March, 2010, the applicable accounting standards have been followed
along with proper explanation relating to material departures, if any;
ii) accounting policies selected had been applied consistently and made
judgments and estimates that were reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company at the end
of the financial year and of the profit of the Company for the year
under review;
iii) proper and sufficient care had been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities and;
iv) the annual accounts had been prepared, on a going concern basis.
7. Fixed Deposits:
The Company has not accepted any deposits from the public.
8. Auditor:
You are requested to re-appoint the Auditor of the Company for the
Current Year to hold office from the conclusion of the ensuing Annual
General Meeting until the conclusion of the next Annual General
Meeting.
9. Particulars of Employees :
During the year no person was employed for the whole or part of the
year.
10. Conservation of energy, technology absorption and foreign currency
exchange earnings & outgo :
Your Directors have nothing to report on the aforesaid matters as your
Company is not engaged in manufacturing, has no foreign collaboration
and has not exported or imported any goods or services.
for and on behalf of the
Board of Directors
Place : Pune Amit B. Kalyani
Date : 27th July, 2010 Chairman