Mar 31, 2014
The Directors have pleasure in presenting the 31st Annual Report and
the Audited Accounts for the financial year ended March 31, 2014.
FINANCIAL RESULTS
(Rs, in lacs)
Year ended Year ended
31st March, 2014 31st March, 2013
Turnover during the year 5051.01 6345.72
Loss Before Depreciation,
Interest and Taxation (-)410.79 (-)585.60
Add: Depreciation &
Amortization Expenses (-)90.08 (-)102.17
Add: Finance Cost 358.78 (-)475.38
Loss Before Taxation & --
Exceptional Items
Add/Less : Exceptional Items
Expenses ---
Income ---
Loss for the year (-)859.66 (-)1163.16
Earnings Per Share (2.52) (3.41)
DIVIDEND
In view of the losses, your Directors are unable to recommend any
dividend for the financial year ended March 31, 2014.
REVIEW OF OPERATIONS
During the year under review, operations deteriorated further due to
extreme paucity of working capital thereby resulting in complete
stoppage of production in almost all the units of your Company. Your
Company has recorded a turnover of Rs, 5056.75 lacs in comparison to
that of Rs, 6513.95 lacs. The loss after taxation & exceptional items
decreased to Rs, 859.66 lacs as againstRs, 1163.16 lacs in the
preceding year due to more trading activities and reduced manufacturing
attributable to lack of working capital.
BIFR
In view of mandatory provision of Section 15 of Sick Industrial
Companies (Special Provisions) Act, 1985 (SICA), the company has made a
reference there under to the Hon'ble Board for Industrial and Financial
Reconstruction (BIFR) for revival which has since been registered as
Case No. 23/2012 and the matter is currently pending before the Hon'ble
Appellate Authority of Industrial Financial Reconstruction (AAIFR).
NEW COMPANIES ACT, 2013
The Historic Companies Act, 2013 which replace more than five decades
old Companies Act, 1956 was passed by the Parliament. The new Act
provides major thrust on Compliance and Accountability from the
Corporate Sector and will provide further transparency in the
disclosures. Your Company is already taking steps to comply with the
provision of the New Companies Act.
SHARE CAPITAL
During the year under report, authorized Share Capital of the Company
isRs, 500,000,000 divided into 50,000,000 equity shares ofRs, 10/-
each.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report, forming part of the
Directors' Report for the year under review, as stipulated under Clause
49 of the Listing Agreement with the Stock Exchanges, is discussed in a
separate section of this Annual Report.
DIRECTORS
Mr. Udayan Banerjee, Director of the Company resigned from the Board on
May 15, 2014. The Board places on record its deep appreciation of the
valuable services rendered during his tenure as a Director of the
Company.
Mr. Sumit Kar was appointed by the Board as an Additional Non-Executive
Director of your Company with effect from May 14, 2014.
Mr. Subhash Chandra Agarwala, Director of the Company resigned from the
Board on April 04, 2014. The Board places on record its deep
appreciation of the valuable services rendered during his tenure as a
Director of the Company.
Mr. Mahesh Kumar Gupta was appointed by the Board as an Additional
Non-Executive Director of your Company with effect from July 04, 2014.
In accordance with the provisions of the Companies Act, 2013 and the
Company's Articles of Association, Mr. Pawan Kumar Goenka (DIN:
00090809) retire by rotation and is eligible for re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, based on the representation received from the operating
management, with respect to the Balance Sheet of the Company as at
March 31, 2014 and the Profit & Loss Account for the year ended on that
date (hereinafter collectively referred to as the 'Annual Accounts')
your Directors confirm that -
i) in the preparation of the Annual Accounts, 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 at the end of the financial year and of the profit or
loss 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 this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) the directors have prepared the annual accounts on a going concern
basis.
AUDITOR'S OBSERVATION
Observations of the Auditors, read together with the relevant Notes to
the Accounts and Accounting Policies, are self- explanatory, as such;
no further clarifications/explanations are required.
AUDITORS
M/s. Krishanu Bhattacharya Associates, Chartered Accountants, Statutory
Auditors of the Company who retires at the annual general meeting and
who has not sought reappointment ,to hold office for a term of 5 (Five)
years from the conclusion of this Annual General Meeting. Accordingly,
M/s S. MANDAL & Co., Chartered Accountants, (Registration No.- 314188E)
be and are hereby appointed as Statutory Auditors of the Company in the
place of M/s. Krishanu Bhattacharya Associates, as Statutory Auditors
of the Company to hold office until conclusion of the next Annual
General Meeting.
The operations of the Company do not require audit of cost accounts, in
terms of the provisions of the Companies Act, 1956 read with the Rules
made there under.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement, a separate section on
Corporate Governance forming part of the Directors' Report and the
Certificate from the Company's Auditors confirming compliance of
Corporate Governance norms are included in the Annual Report.
LISTING WITH STOCK EXCHANGES
Our Company continues to remain listed with National Stock Exchange of
India Limited and the Gauhati Stock Exchange Limited . The trading of
equity shares of the company has been suspended w.e.f. 10.12.2013 at
the National Stock Exchange and the management has taken steps for
resumption of normal trading soon.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits during the year under
review.
DISCLOSURES
1. None of the employees of the Company were in receipt of
remuneration during the year ended March 31, 2014 in respect of whom
particulars are required to be furnished under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, as amended.
2. Information as prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, as amended, is annexed
hereto and forms part of this report.
ACKNOWLEDGEMENT
Your Directors wish to convey their gratitude and appreciation to all
employees and business associates for their valuable contribution
during the year. Your Directors also wish to thanks the members,
investors, bankers, government authorities dealers, suppliers for their
co-operation and support.
For and on behalf of the
Board of Directors
(P. K. Goenka)
Chairman & Managing Director
Place : Kolkata
Date : December 06, 2014
Mar 31, 2013
The Directors have pleasure in presenting the 30th Annual Report and
the Audited Accounts for the financial year ended March 31, 2013.
FINANCIAL RESULTS
(Rs, in lacs)
Year ended Year ended
31st March, 2013 31st March, 2012
Turnover during the year 6345.72 7672.16
Loss Before Depreciation,
Interest and Taxation (-)585.60 (-)2143.94
Add: Depreciation &
Amortization Expenses (-)102.17 (-)113.30
Add: Finance Cost (-)475.38 (-)565.17
Loss Before Taxation & (-)2822.41
Exceptional Items
Add/Less : Exceptional Items
Expenses (-)7597.34
Income ---
Loss for the year (-)1163.16 (-)10419.75
Earnings Per Share (3.41) (30.54)
DIVIDEND
In view of the losses, your Directors are unable to recommend any
dividend for the financial year ended March 31, 2013.
REVIEW OF OPERATIONS
During the year under review, operations deteriorated further due to
extreme paucity of working capital thereby resulting in complete
stoppage of production in almost all the units of your Company. Your
Company, has recorded a turnover of Rs, 6513.95 lacs in comparison to
that of Rs, 7919.01 lacs. The loss after taxation & exceptional items
decreased to Rs,1163.16 lacs as against Rs, 10419.75 lacs in the
preceding year due to more trading activities and reduced manufacturing
attributable to lack of working capital.
BIFR
In view of mandatory provision of Section 15 of Sick Industrial
Companies (Special Provisions) Act, 1985 (SICA), the company has made a
reference there under to the Hon'ble Board for Industrial and Financial
Reconstruction (BIFR) for revival which has since been registered as
Case No.23/2012 and determination of sickness is still pending before
the Hon'ble Board.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report, forming part of the
Directors' Report for the year under review, as stipulated under Clause
49 of the Listing Agreement with the Stock Exchanges, is discussed in a
separate section of this Annual Report.
DIRECTORS
Mr. Sujit Chakravoti, Director of the Company resigned from the Board
on September 22, 2012. The Board places on record its deep appreciation
of the valuable services rendered during his tenure as a Director of
the Company
Mr. Subhas Chandra Agarwal was appointed by the Board as an Additional
Non-Executive Director of your Company with effect from September 22,
2012.
Notice have been received from Member of the Company under Section 257
of the Companies Act, 1956 for the appointment of Mr. Subhas Chandra
Agarwal as Director. Appropriate resolution seeking your approval for
his appointment is appearing in the Notice Convening the ensuing Annual
General Meeting of the Company.
Mr. Gaurav Goenka, Whole-Time Director of the Company resigned from the
Board on March 18, 2013. The Board places on record its deep
appreciation of the valuable services rendered during his tenure as a
Director of the Company.
Pursuant to Article 107 of the Articles of Association of the Company,
Mr. Sushil Kumar Sharma retires by rotation and being eligible, offers
himself for re-appointment. The Board has recommended his re-election.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, based on the representation received from the operating
management, with respect to the Balance Sheet of the Company as at
March 31, 2013 and the Profit & Loss Account for the year ended on that
date (hereinafter collectively referred to as the 'Annual Accounts')
your Directors confirm that Â
(i) in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed;
(ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates are made prudently and
reasonably so as to give a true and fair view of the state of affairs
of the Company and of the loss of the Company;
(iii) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
aforesaid Act, for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities; and
(iv) the Annual Accounts have been prepared on a 'going concern' basis.
AUDITOR'S OBSERVATION
Observations of the Auditors, read together with the relevant Notes to
the Accounts and Accounting Policies, are self- explanatory, as such,
no further clarifications/explanations are required.
AUDITORS
M/s. S. R. Batliboi & Co. Chartered Accountants, Statutory Auditors of
the Company shall retire at the conclusion of the ensuing Annual
General Meeting and are eligible for re- appointment. Accordingly, it
is proposed to re-appoint them as Statutory Auditors of the Company to
hold office until conclusion of the next Annual General Meeting.
The operations of the Company do not require audit of cost accounts, in
terms of the provisions of the Companies Act, 1956 read with the Rules
made there under.
CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement, a separate section on
Corporate Governance forming part of the Directors' Report and the
Certificate from the Company's Auditors confirming compliance of
Corporate Governance norms are included in the Annual Report.
LISTING WITH STOCK EXCHANGES
Your Company continues to remain listed with National Stock Exchange of
India Limited and the Gauhati Stock Exchange Limited and listing fee
for the current financial year to both
these exchanges has been paid by the Company.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits during the year under
review.
DISCLOSURES
1. None of the employees of the Company were in receipt of
remuneration during the year ended March 31, 2013 in respect of whom
particulars are required to be furnished under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, as amended.
2. Information as prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, as amended, is annexed
hereto and forms part of this report.
ACKNOWLEDGEMENT
Your Directors wish to convey their gratitude and appreciation to all
employees and business associates for their valuable contribution
during the year. Your Directors also wish to thanks the members,
investors, bankers, government authorities, dealers, suppliers for
their co-operation and support.
For and on behalf of the Board of Directors
Place : Kolkata (P K Goenka)
Date : May 30, 2013 Chairman & Managing Director
Mar 31, 2012
To the Members of Kitply Industries Limited
The Directors have pleasure in presenting the 29th Annual Report and
the Audited Accounts for the financial year ended March 31, 2012.
FINANCIAL RESULTS
(Rs.in lacs)
Year ended Year ended
31st March,
2012 31st March,
2011
Turnover during the year 7672.16 8590.63
Loss Before Depreciation,
Interest and Taxation (-)2143.94 (-)1040.73
Add: Depreciation &
Amortisation Expenses (-)113.30 (-)143.44
Add: Finance Cost (-)565.17 (-)877.45
Loss Before Taxation & (-)2822.41 (-)2061.62
Exceptional Items
Add/Less : Exceptional Items
Expenses (-)7597.34 (-)4538.22
Income - 75.66
Loss for the year (-)10419.75 (-)6524.18
Earning Per Share (30.54) (19.12)
DIVIDEND
In view of the losses, your Directors are unable to recommend any
dividend for the financial year ended March 31, 2012.
REVIEW OF OPERATIONS
During the year under review, operations deteriorated further compared
to last year as it continued to suffer from inadequate working capital,
preventing the optimum capacity utilization in the plywood division.
Your Company, has recorded a turnover of Rs. 7672.16 lacs in comparison
to that of Rs. 8590.63 lacs in the previous year ended March 31, 2011.
The loss after taxation & exceptional items increased to 10419.75 lacs
as against Rs. 6524.18 lacs in the preceding year mainly due to more
trading activities and reduced manufacturing attributable to extreme
paucity of working capital and also due to an exceptional depletion in
the value of agro forestry owing to a severe pest attack resulting in
impairment loss of Rs. 7597.34 as per the valuation report submitted by
an external valuer.
The Company has made a reference to the Hon'ble Board
for Industrial and Financial Reconstruction (BIFR) pursuant to
provisions of Sick Industrial Companies (Special Provisions) Act, 1985
and the Company has since been registered u/s 15(1) of Sick Industrial
Companies (Special Provisions) Act, 1985.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report, forming part of the
Directors' Report for the year under review, as stipulated under Clause
49 of the Listing Agreement with the Stock Exchanges, is discussed in a
separate section of this Annual Report.
DIRECTORS
Mr. Sushil Kumar Sharma was appointed by the Board as an Additional
Non-Executive Director of your Company with effect from May 16, 2012.
Notice have been received from Member of the Company under Section 257
of the Companies Act, 1956 for the appointment of Mr. Sushil Kumar
Sharma as Director. Appropriate resolution seeking your approval for
his appointment is appearing in the Notice Convening the ensuing Annual
General Meeting of the Company.
Mr. Mahesh Shah, Director of the Company resigned from the Board on May
8, 2012 . The Board places on record its deep appreciation of the
valuable services rendered during his tenure as a Director of the
Company.
Pursuant to Article 107 of the Articles of Association of the Company,
Mr. Udayan Banerjee retires by rotation and being eligible, offers
himself for re-appointment. The Board has recommended his re-election.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, based on the representation received from the operating
management, with respect to the Balance Sheet of the Company as at
March 31, 2012 and the Profit & Loss Account for the year ended on that
date (hereinafter collectively referred to as the ÃAnnual
Accounts') your Directors confirm that -
(i) in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed;
(ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates are made prudently and
reasonably so as to give a true and fair view of the state of affairs
of the Company and of the loss of the Company;
(iii) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
aforesaid Act, for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities; and
(iv) the Annual Accounts have been prepared on a Ãgoing concern'
basis.
AUDITOR'S OBSERVATION
Observations of the Auditors, read together with the relevant Notes to
the Accounts and Accounting Policies, are self- explanatory, as such,
no further clarifications/explanations are required.
AUDITORS
M/s. S. R. Batliboi & Co. Chartered Accountants, Statutory Auditors of
the Company shall retire at the conclusion of the ensuing Annual
General Meeting and are eligible for re- appointment. Accordingly, it
is proposed to re-appoint them as Statutory Auditors of the Company to
hold office until conclusion of the next Annual General Meeting. The
retiring auditors have, under section 224(1B) of the Companies Act,
1956, furnished certificate of their eligibility for the re-
appointment.
The operations of the Company do not require audit of cost accounts, in
terms of the provisions of the Companies Act, 1956 read with the Rules
made there under.
CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement, a separate section on
Corporate Governance forming part of the Directors' Report and the
Certificate from the Company's Auditors confirming compliance of
Corporate Governance norms are included in the Annual Report.
LISTING WITH STOCK EXCHANGES
Your Company continues to remain listed with National Stock Exchange of
India Limited and the Gauhati Stock Exchange Limited and listing fee
for the current financial year to both these exchanges has been paid by
the Company.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits during the year under
review.
DISCLOSURES
1. None of the employees of the Company were in receipt of
remuneration during the year ended March 31, 2012 in respect of whom
particulars are required to be furnished under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, as amended.
2. Information as prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, as amended, is annexed
hereto and forms part of this report.
ACKNOWLEDGEMENT
Your Directors wish to convey their gratitude and appreciation to all
employees and business associates for their valuable contribution
during the year. Your Directors also wish to thanks the members,
investors, bankers, government authorities, dealers, suppliers for
their co-operation and support.
For and on behalf of the
Board of Directors
Place : Ko|kata (P. K. Goenka)
Date : May 30, 2012 Chairman & Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the 27th Annual Report and
the Audited Accounts for the financial year ended March 31, 2010.
FINANCIAL RESULTS
(Rs. in lacs)
For the For the 18 months
Year ended period ended
31st March, 2010 31st March, 2009
Turnover during the year 8113.02 9112.58
Profit/(Loss) Before
Depreciation and Taxation (-) 1029.15 (-) 2975.42
Less/Add Depreciation/
Amortisation (-) 152.83 (-) 787.91
Profit/(Loss) Before Taxation (-) 1181.98 (-) 3763.33
Less/ Add Provision for
taxation (FBT) : -- (-) 23.46
Less/Add Exceptional Items (-) 785.29 --
Net Profit/(Loss) After Taxation (-) 1967.27 (-) 3786.79
Less/Add
Prior Period items (-) 333.60 --
Net Loss (-) 2300.87 (-) 3786.79
Balance brought forward
from previous year (-) 40345.22 (-) 36558.43
Less : Amount adjusted against
Business Reorganisation 21864.43 --
Reserve
Balance Carried to
Balance Sheet (-) 20781.66 (-) 40345.22
Earning Per Share (in Rs.) (6.74) (11.10)
DIVIDEND
In view of the losses, your Directors are unable to recommend any
dividend for the financial year ended March 31, 2010.
REVIEW OF OPERATIONS
The Directors invite reference to the fact that the CompanyÃs Net Worth
is negative. The infusion of funds from financial investor i.e. India
Debt Management Private Limited was unfortunately followed by the
downturn of the economy consequent to the global slowdown. Real Estate
which is the biggest consumer of plywoods was worst affected due to
economic slowdown. Consequently, sales during the previous year were
sluggish and there was build up of inventory. This resulted in losses
in the period ended March 31, 2009 which has led to a severe strain on
the working capital which further led to losses in the current year.
Consequently, at this point of time the Company does not have adequate
working capital and there is a need to urgently infuse/raise funds.
During the year under review the Company has recorded a turnover of Rs.
8113.02 lacs in comparison to that of Rs. 7793.10 lacs in the previous
year ended 31st March 2009 and the Loss after Taxation has reduced from
Rs. 2491.76 lacs to Rs. 2300.87 lacs.
It would however be noted that despite the CompanyÃs net worth being
negative as on March 31, 2010, no reference is required to be made to
the Board of Industrial and Financial Reconstruction (BIFR) since
financial assets have been acquired by Arcil, an asset reconstruction
company under Section 5 (1) of the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002
(SARFAESI Act).
The Company has put in place a strategic business plan for revival of
operations. Given the strong recovery in the Indian economy, the
Company is capable and hopeful of generating higher turnover and
profits.
BUSINESS PROSPECTS
The Company has initiated steps to address the issues of working
capital constraint which is expected to improve financial performance.
Moreover the Company has over the years gathered enough experience and
currently with the help of global consultants has put world class
silviculture and soil management practices in its Agro Forestry
Division. There has been a marked improvement in the overall management
of the Agro Forestry Division and the company expects to continue to
benefit from the assistance of the specialist consultants and the
favourable timber industry prospects.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report, forming part of the
Directorsà Report for the year under review, as stipulated under Clause
49 of the Listing Agreement with the Stock Exchanges, is discussed in a
separate section of this Annual Report.
DIRECTORS
Mr. S. V. Venkatakrishnan, was appointed by the Board of Directors as
Additional Non-Executive Director of your Company with effect from
October 30, 2009, as nominee of Asset Reconstruction Company (India)
Limited.
India Debt Management Private Limited has withdrawn its nominee
Director Mr. Denys C Firth, with effect from December 17, 2009. Mr.
Navin Sambtani, who was appointed as Alternate Director to Mr. Denys C
Firth with effect from August 29, 2008, pursuant to the provisions of
Section 313 of the Companies Act, 1956, vacated his office with effect
from December 17, 2009.
Mr. Navin Sambtani, was appointed by the Board of Directors as
Additional Non-Executive Director of your Company with effect from
January 29, 2010, as nominee of India Debt Management Private Limited.
Notices have been received from Members of the Company under Section
257 of the Companies Act, 1956 for the appointment of Messrs.
Venkatakrishnan and Sambtani, as Directors. Appropriate resolutions
seeking your approval for their appointment are appearing in the Notice
convening the ensuing Annual General Meeting of the Company.
Pursuant to Article 107 of the Articles of Association of the Company,
Mr. Sujit Chakravorti and Mr. Rajnikant C Dani retires by rotation and
being eligible, offers themselves for re-appointment. The Board has
recommended their re-election.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, based on the representation received from the operating
management, with respect to the Balance Sheet of the Company as at
March 31, 2010 and the Profit & Loss Account for the year ended on that
date (hereinafter collectively referred to as the ÃAnnual AccountsÃ)
your Directors confirm that Ã
(1) in the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed;
(2) appropriate accounting policies have been selected and applied
consistently and judgments and estimates are made prudently and
reasonably so as to give a true and fair view of the state of affairs
of the Company and of the loss of the Company;
(3) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
aforesaid Act, for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities; and
(4) the Annual Accounts have been prepared on a Ãgoing concernà basis.
AUDITORSÃ OBSERVATION
Observations of the Auditors, read together with the relevant Notes to
the Accounts and Accounting Policies, are self- explanatory.
AUDITORS
M/s. S. R. Batliboi & Co. Chartered Accountants, Statutory Auditors of
the Company shall retire at the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. Accordingly, it is
proposed to re-appoint them as Statutory Auditors of the Company to
hold office until conclusion of the next Annual General Meeting. The
retiring auditors have, under Section 224(1B) of the Companies Act,
1956, furnished certificate of their eligibility for the
re-appointment.
The operations of the Company do not require audit of cost accounts, in
terms of the provisions of the Companies Act, 1956 read with the Rules
made thereunder.
CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement, a separate section on
Corporate Governance forming part of the Directorsà Report and the
Certificate from the CompanyÃs Auditors confirming compliance of
Corporate Governance norms are included in the Annual Report.
LISTING WITH STOCK EXCHANGES
Your Company continues to remain listed with Gauhati Stock Exchange
Limited and the National Stock Exchange of India Limited and listing
fees for the current financial year to both these exchanges has been
paid by the Company.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits during the year under
review.
DISCLOSURES
1. None of the employees of the Company were in receipt of
remuneration during the year ended March 31, 2010 in respect of whom
particulars are required to be furnished under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, as amended.
2. Information as prescribed under Section 217(1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988, as amended, is annexed
hereto and forms part of this report.
ACKNOWLEDGEMENT
Your Directors wish to convey their gratitude and appreciation to all
employees and business associates for their valuable contribution
during the year. Your Directors also wish to thanks the members,
investors, bankers, government authorities, dealers, suppliers for
their co-operation and support.
For and on behalf of the
Board of Directors
Place : Kolkata (P. K. Goenka)
Date : May 31, 2010 Chairman & Managing Director
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