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Directors Report of REI Six Ten Retail Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure for presenting the 8th Board Report together with the audited annual accounts of the Company for the financial year ended 31st March 2015.

1. FINANCIAL RESULTS:

The financial performance of the Company for the year under review is summarized below:

(Rs. In Lacs)

Particulars 2014-15 2013-14

Sales 4338.72 9773.06

Other Income 0.54 1.56

Total 4339.26 9774.62

Profit Before Interest and Depreciation and Amortisation (PBIDTA) (93.46) (224.01)

Less: Interest 0.13 5.83

Less: Depreciation 34.96 220.20

Profit before Taxation and Exceptional items(PBT) (128.55) (450.04)

Less: Exceptional Items 3036.99 1044.24

Profit Before Tax (PBT) (3165.54) (1494.28)

Less: Prior Period Tax Payments 0 2.85

Profit after Taxation (PAT) (3165.54) (1497.13)

2 PERFORMANCE OF THE COMPANY

During the year under review, your Company has achieved a turnover of Rs. 43.39 Crores as against Rs. 97.73 Crores in the previous year.

The Management of the Company is trying very hard to review the Company and to get the operation back on track. Earlier the Company was working on Company owned and Company operated (COCO) model of retail business, then it move to franchise model Due to less and slow recovery of old debts the bottom line of the Company faces heavy pressure and Company extended it losses from 14.97 crores to 31.65 crores during the year under review.

3 DIVIDEND

Board of Directors of the Company, has not recommended any dividend for the equity shareholders of the Company for the financial year ended on March 31, 2015.

4 UNCLAIMED / UNPAID DIVIDEND (TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND)

Pursuant to Section 124 read with Sub Section (1) of section 125 of the Companies Act, 2013, unclaimed dividend which remains unpaid for a period of seven years shall be transferred to Investor Education & Protection Fund. Unclaimed dividend for the year 2007-08 shall be transferred to the said fund before the due date.

It may be noted that upon the transfer of dividend to Investor Education & Protection Fund, members lose their right to claim such dividend. Therefore, Members are requested to claim the amount of Unpaid/unclaimed dividend for the year 2007-2008 and onwards.

5 TRANSFER TO GENERAL RESERVE

During the year under review, Your Company has not transferred any amount to any reserve of the Company

6 BUSINESS SEGMENTS

Your Company does not have any reportable segment in accordance to Accounting Standard (AS) -17 issued by the Institute of Chartered Accountants of India as it deals in only one segment i.e., Retail segment.

7 MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A report on the management discussion and analysis is annexed hereto and forms part of this report as required in Clause 49 of the Listing Agreement with the stock exchange of India.

8 CORPORATE GOVERNANCE

The Company has put in place the norms of Corporate Governance in compliance with the provisions of Clause 49 of the listing agreement. A report on Corporate Governance as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges forms part of the Annual Report.

A certificate to that effect has been obtained from statutory auditors of the Company and is annexed to this report .

9 ENVIRONMENTAL ASPECT AND SOCIAL RESPONSIBILITY

The Company is committed to improve all aspects of environment. We always aspire to fuse business values, cultural pillars and operating principles to achieve the expectations of our customers, lenders, employees, investors, communities and the wider society. We always pay full attention to promote, improve and maintain our responsibility towards the society as a whole for better socio-economic condition.

10 SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

As on 31st March, 2015, Your Company doesn't have any subsidiary, joint venture or associate company.

11 BOARD OF DIRECTORS

As on 31st March 2015, Your Company has 6 (Six) Directors, consisting of Four Independent Non Executive Directors (including one Woman Director), One Managing Director and One Non-Executive Director.

In terms of the provision of Section 149 of the Companies Act 2013, and Clause 49 of the Listing Agreement, every listed and such other class of Companies as may from time to time prescribed shall have at least One Woman Director on Board of Directors of the Company , therefore Company has appointed Ms. Anishrava Agrawal (DIN- 00976083) as additional Director on the Board of the Company, however due to some unavoidable circumstances she could not continue to act as Director of the Company and has tendered her resignation from Directorship of the Company w.e.f. 25.04.2015. Further this is to inform all the members that Shri Asoke Kumar Chatterjee, Independent Director of the Company expires on 04th August, 2015.

The Company has received the declarations from all the Independent directors confirming that they meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

DIRECTORS RETIRING BY ROTATION

Pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Manoj Mishra (DIN-00386578), Director of the Company will retire in the ensuing Annual General Meeting of the Company and being eligible, seek re- appointment.

Brief details of the Directors seeking re-appointment, their expertise etc. is given in the notice of the ensuing Annual General Meeting.

BOARD EVALUATION

Pursuant to the 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, performance of the Independent Directors, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and Compliance Committees.

REMUNERATION POLICY

The Board of Directors in consultation with the members of Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. Details of the Remuneration and other fees paid to the Directors are provided in the Corporate Governance Report.

MEETINGS

During the year under review, 6 (Six) Meetings of Board of Directors and 1(One) Meeting of Independent Directors' of the Company were held. The Details of meetings are given in Corporate Governance Report. The provisions of Companies Act, 2013 and listing agreement were adhered to while considering the time gap between two meetings.

12 COMMITTEES OF THE BOARD

Your Company has established various committees for the purpose of the best governance practices and which are in compliance with the requirements of relevant provision of applicable laws and statutes which are as follows:

a. Audit Committee

b. Nomination and Remuneration Committee

c. Share Transfer Committee

d. Shareholders'/Investors' Grievance Committee

The details with respect to the compositions, powers, duties etc of the above mentioned committees are mentioned in the Corporate Governance Report which forms part of this Annual Report.

13 RISK MANAGEMENT POLICY

Your Company has laid down procedures to inform members about the risk assessment and minimization procedures, which are periodically reviewed.

14 VIGIL MECHANISM

The Company has put in place a codified system, which welcome suggestions from the employees and employees at all levels have access to the audit Committee members, internal welfare committees and the Senior Management of the Company to report any kind of irregularity in the Company's functioning or any unethical behaviour or any kind of harassment or unequal treatment given to them. Company has always believed in conducting its affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethics.

15 LOANS, GUARANTEE AND INVESTMENT IN SECURITIES

Particulars of loans, guarantees and investments made by the Company pursuant to Section 186 of the Companies Act, 2013 are given in the Notes to the Financial Accounts.

16 CONTRACTS OR ARRANGEMENTS WITH THE RELATED PARTY

During the year under review, all related party transactions done by the Company were at arm's length and in ordinary course of business.

17 AUDITORS

a. Statutory Auditors

M/s P.K. Lilha & Co, Chartered Accountants, Kolkata were appointed as Statutory Auditors for a period of three years in the Annual General Meeting held on 30/09/2014. Their continuance of appointment and payment of remuneration are to be confirmed and approved in the ensuing Annual General Meeting. The Company has received a certificate from the above Auditors to the effect that if they are reappointed, it would be in accordance with the provisions of Section 141 of the Companies Act, 2013.

Auditors' Report and Qualification

There is a qualification in the Auditors' report that Trade Receivables amounting to Rs. 87.23 Crores is outstanding for considerable period of time. No confirmations have been received for these customers. In their opinion the debts are doubtful of recovery against which no provision has been made in the financial statements.

In this regard , Board of Directors of the Company submits that the Company is pursuing with the parties for payment of dues, however if management feels that these debts may not be recovered, they will provide necessary provisions in the upcoming financial years.

b. Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Your Company has appointed Mr. Astik Tripathi, CP No. 10384 Practicing Company Secretary, Proprietor of M/s Astik Tripathi and Associates to undertake the Secretarial Audit of the Company.

Secretarial Audit Report and Qualifications

There is a qualification in the Secretarial audit report that during the year under review, Company has not appointed Company Secretary and Chief Financial officer in the Company.

In this regard, Board of Directors hereby submits that there are no major business activities in the Company during last year and from past few years the revenue from the operations were declining continuously.

During the year under review, Company Secretary of the Company has tendered his resignation. The Company's management was searching the eligible candidates who are suitable to the Company for the Post of Chief Financial Officer and Company Secretary. However the Company has appointed Ms. Anuradha Gaur, an Associate member of the Institute of the Company Secretaries of India as the Company Secretary cum Compliance officer of the Company in the month of June, 2015 and the management is still looking for suitable candidate for the post of Chief Financial officer of the Company.

Copy of the Secretarial Auditors Report is annexed to this Report as an annexure "A"

18 DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to requirement under Section 134(5) of the Companies Act, 2013 , with respect to Directors' Responsibility Statement, it is hereby confirmed that:

* In preparation of the annual accounts, the applicable accounting standards had been followed along with the proper explanations relating to material departures, if any.

* 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 the affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period.

* The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act for safeguarding the assets of the Company and for preventing and detecting the fraud and other irregularities.

* The Directors have prepared the annual accounts of the Company on a 'going concern' basis.

* The Directors had laid down the internal financial control that is followed by the company and these internal financial controls are adequate and were operating effectively. Internal Financial controls means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to Companies policies, the safeguarding of its assets, the prevention and detections of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of financial information.

* The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

19 PUBLIC DEPOSITS

During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

20 PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the members at the Registered office of the company during business hours on working days of the company up to the date of ensuing Annual General Meeting. If any member is interested in inspecting the same, such member may write to the company secretary in advance.

The Company had not paid any remuneration to the Managing Director of the Company and only the sitting fees for attending Meetings of the Company was paid to other Directors, no other benefits or perquisites were paid to Directors.

21 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to energy conservation, technology absorption and foreign exchange earnings & outgo is required to be disclosed under section 134(3)(m) of the Companies Act,2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014.As the Company being in retail sector, the provisions regarding giving details of conservation of energy is not applicable. However Your Company has taken adequate measures to reduce energy consumption wherever possible. The Company has not incurred any expenditure on Research &Development, Technology absorption, adoption & innovation during the current financial year. However, the detail for "Nil expenditure is given as below:

1. Specific Areas in which R & D carried Not out by the Company Applicable

2. Benefits derived as a result of above Nil R & D

3. Future Plan of Action Nil

a. Capital Nil

b. Recurring Nil

c. Total Nil

d. Total R & D Nil Expenditure as % Of total Turnover Nil

Your Company being concentrating on the domestic consumption market and do not have any exports initiatives to report to the members:

Foreign Exchange Earnings and Outgo:

Amount (Rs. In Lacs)

Total foreign exchange earned and outgo:

Foreign exchange earned Nil

Foreign exchange outgo Nil

Net foreign exchange outgo/earned Nil

22 ANNUAL RETURN

Extract of Annual Return Pursuant to the Section 92(3) of the Companies Act, 2013 is annexed to this report as Annexure "B".

23 MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Company has occurred between the end of the financial year to which this financial statements relate and the date of this report

24 INTERNAL FINANCIAL CONTROL

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business including adherence to the company's policies, safeguarding of its assets, the prevention and detection of the frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of the reliable financial disclosures.

25 SEXUAL HARASSMENT

During the year under review, there were no cases filed pursuant to the Sexual Harassment of women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

26 ACKNOWLEDGEMENT

The Board place on record their appreciation for the assistance and co-operation received from various government authorities, Stakeholders, bankers, vendors and members during the year under review. Directors also wish to thank all the employees for their contribution commitment, support and co-operation.

For and on behalf of Board of Directors

sd/- (Sandip Jhunjhunwala) Managing Director Place: New Delhi Date: 28th August, 2015


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Seventh Board Report together with the audited annual accounts of the Company for the financial year ended 31st March, 2014.

FINANCIAL RESULTS:

The financial performance of the Company for the year under review is summarized below:

(Rs. In Lacs) Paticulars 2013-14 2012-13

Revenue from Operations 9773.06 40969.87

Other Income 1.56 8.54

Total Income 9774.62 40978.41

Profit before Depreciation, Interest (224.01) 326.81 & Tax (PBDIT)

Less: Interest 5.83 7.72

Profit before Depreciation, Tax & (229.84) 319.09 Exceptional Item (PBDT)

Less: Depreciation 220.20 752.62

Profit before Tax (PBT) (450.04) (433.53)

Less:

Exceptional Item 1044.24 4685.13

Current Taxation 0.00 0.00

Deferred Tax 0.00 (316.24)

Prior Period Tax Payment 2.85 1.14

Profit after Tax (PAT) (1497.13) (4803.56)

PERFORMANCE OF THE COMPANY:

Your company during the year under review reported total revenue of Rs. 9,773.06 lacs in comparison to Rs. 40,969.87 Lakhs during previous year. The decline in revenue from operations is due to closure of franchisee business module in the year under review Company incurred a loss of Rs. 1497.13 lacs as against loss of Rs. 4803.56 lacs during the previous financial year.

Though the revenue from operations and profit after tax of the company has sharply fallen during the year and company has closed the franchisee module, but your directors believe that your company will perform better in the cash and carry business in the coming years.

DIVIDEND:

During the financial year 2013-14, Board of Directors do not propose and recommend any dividend to the shareholders as your company has reported a loss of Rs. 1497.13 lacs. However, Board of Directors believes that dividend will be recommended in the coming years for shareholders if profit of the company rises.

UNCLAIMED / UNPAID DIVIDEND

Pursuant to provisions of section 205A read with section 205C of the Companies Act, 1956, dividend which has remain unclaimed by members of the Company and unpaid for seven years after date of its declaration must be transferred to Investor Education & Protection Fund (IEPF). Unclaimed dividend for the financial year 2008-09 shall become due on October 22, 2016 for deposit in IEPF. Members must note that upon transfer of dividend to Investor Education & Protection Fund, they lose their right to make claim on such dividend. Therefore, Members are requested to claim the amount of unpaid / unclaimed dividend before due date.

BUSINESS SEGMENT:

Your Company does not have any reportable segment in accordance to Accounting Standard (AS) -17 issued by the Institute of Chartered Accountants of India as it deals in only one segment i.e., Retail segment.

MANAGEMENT DISCUSSION AND ANALYSIS:

A report on management discussion and analysis is annexed hereto and forms part of this report as required in Clause 49 of the listing agreement with the stock exchanges of India.

CORPORATE GOVERNANCE:

The Company has put in place the norms of Corporate Governance in compliance with the provisions of Clause 49 of the listing agreement. A report on Corporate Governance as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges forms part of the Annual Report. A certificate to that effect has been obtained from statutory auditors of the Company and is annexed to this report elsewhere.

ENVIRONMENTAL ASPECTS AND SOCIAL RESPONSIBILITY:

The Company is committed to improve all aspects of environment. We always aspire to fuse business values, cultural pillars and operating principles to achieve the expectations of our customers, lenders, employees, investors, communities and the wider society. We always pay full attention to promote, improve and maintain our responsibility towards the society as a whole for better socio-economic condition.

DIRECTORS:

Pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Manoj Mishra (DIN-00386578), Director of the Company will retire in the ensuing Annual General Meeting of the Company and being eligible, seek re-appointment.

There are three Independent Directors on the Board of the Company as per the Listing Agreement

Requirements viz., Shri A. K. Chatterjee (DIN-00266151), Dr. N. K. Gupta (DIN-00032956) and Shri K.D Ghosh (DIN- 02489190) All these Independent Directors had been appointed vide member''s resolution in terms of the provisions of the Companies Act, 1956 as Directors'' whose period of office is liable to determination by retirement by rotation.

The Company has received declarations from all the above Independent Directors stating that they meet

With the criteria of Independence as prescribed under sub- section (6) of Section 149 of the Companies Act, 2013.

The Board of Directors of your Company, after reviewing the declarations submitted by the above Independent Directors is of the opinion that the said Directors meet the criteria of Independence as per Section 149(6) of the Companies Act, 2013 and the rules made there under and also meet with the requirements of Clause 49 of the Listing Agreement with the Stock Exchanges, for being the Independent Directors on the Board of the Company and are also independent of the management. Of the above Independent Directors, Shri A.K. Chatterjee, Dr. N. K. Gupta and Shri K.D. Ghosh , retire by rotation at the ensuing Annual General Meeting and being eligible and offering them self for appointment, are proposed to be appointed as Independent Directors of the Company under the Companies Act, 2013 to hold office for 3 (three) consecutive years for a term upto the conclusion of the 10th Annual General meeting of the Company in the calendar year 2017.

Details under Clause 49 of the Listing Agreement with the Stock Exchanges in respect of Directors seeking appointment at the Annual General Meeting are provided in the Corporate Governance Report and in the Explanatory Statement to the Notice.

The Directors seeking appointment have furnished the requisite declarations.

Board of Directors seeks your approval to the terms of their re- appointment and remuneration.

Brief details of the Directors seeking re-appointment, their expertise etc. is given in the notice to the ensuing Annual General Meeting

AUDITORS:

M/s PK.Lilha & Co., Chartered Accountants, Statutory Auditors of the Company, holds office until the conclusion of the ensuing Annual General Meeting and being eligible for reappointment, they have indicated their willingness to accept re-appointment. As required under Section 139 of the Companies Act, 2013, the Company has obtained a written consent from M/s PK.Lilha & Co, to such appointment and also a certificate to the effect that their appointment, if made, would be in accordance with Section 139(1) of the Companies Act, 2013 and the rules made there under, as may be applicable.

In terms of Section 139 of the Companies Act, 2013 and the Rules made thereunder, their re-appointment needs to be approved by the members and their remuneration has to be fixed.

AUDITORS REPORT:

The Notes on Accounts referred to the Auditors'' Report are self explanatory and do not call for any further comments.

DIRECTOR''S RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that:

* In preparation of the annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards read with requirement set out under revised Schedule VI to the Companies Act,1956, have been followed along with the proper explanations relating to the material departures, if any.

* 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 financial results of the Company as at 31st March, 2014.

* 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 assets of the Company and for preventing and detecting the fraud and other irregularities.

* The Directors have prepared the annual accounts for the financial year ended 31st March, 2014 on a going concern basis.

PUBLIC DEPOSITS:

The Company has neither invited nor accepted any Public Deposits within the meaning of section 58A of the Companies Act, 1956, during the year under review.

PARTICULARS OF EMPLOYEES:

During the year under review, no employees, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under Section 217(2A) are not required to be given.

Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo.

The particulars relating to energy conservation, technology absorption and foreign exchange earnings & outgo is required to be disclosed under section 217(1) (e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors ) Rules,1988. As the Company being in retail sector, the provisions regarding giving details of conservation of energy is not applicable. However Your Company has taken adequate measures to reduce energy consumption wherever possible.

The Company has not incurred any expenditure on Research & Development, Technology absorption, adoption & innovation during the current financial year. However, the detail for "Nil" expenditure is given below:

1. Specific Areas in which R & D carried out by Not the Company Applicable

2. Benefits derived as a result of above R & D Nil

3. Future Plan of Action Nil

a. Capital Nil

b. Recurring Nil

c. Total Nil

d. Total R & D Nil

Expenditure as % Of total Turnover Nil

Your Company being concentrating on the domestic consumption market and do not have any exports initiatives to report to the members.

ACKNOWLEDGMENT:

The Board would like to express their gratitude and place on record their sincere appreciation for continued support and cooperation received from consumers, bankers, vendors, government authorities, employees and other stakeholders during the year under review. Your Directors have belief for continued support to be extended by all the stakeholders in the years to come.

For and on behalf of Board of Directors

(A. Chatterjee) (Sandip Jhunjhunwala) Director Managing Director

Place: New Delhi Date : 14th August, 2014


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the Sixth Board Report together with the audited annual accounts of the Company for the financial year ended 31st March, 2013.

Financial Results:

The financial performance of the Company for the year under review is summarized below:

(Rs. in Lacs)

Particulars 2012-2013 2011-2012

Revenue from Operations 40969.87 61,405.12

Other Income 8.54 6.90

Total Income 40978.41 61,412.02

Profit before Depreciation, Interest & Tax (PBDIT) (4358.32) 902.93

Less: Interest 7.72 12.87

Profit before Depreciation & Tax (PBDT) (4366.04) 890.06

Less: Depreciation 752.62 771.32

Profit before Tax (PBT) (5118.66) 118.74

Less:

Current Taxation 0.00 76.63

Deferred Tax (316.24) (36.19)

Prior Period Tax Payment 1.14 46.42

Profit after Tax (PAT) (4803.57) 31.88



Performance of the Company:

Your company during the year under review reported total revenue of Rs. 40969.87 lacs in comparison to Rs. 61405.12 lacs during previous year. The decline in revenue from operations recording a downfall of 33.27% is due to reduction in franchisee inspite of best efforts made by board of directors to improve sales. Recognition of impairment loss on assets of the Company, in accordance to accounting standard (AS) – 28 issued by the Institute of Chartered Accountants of India, in profit and loss account as expenses resulted in a post tax loss of Rs. 4803.57 lacs during the financial year 2012-13 as against profit of Rs. 31.88 lacs during the previous financial year.

Though the revenue from operations and profit after tax of the company has sharply fallen during the year, your directors believe that your company will perform better in the coming years.

Dividend:

During the financial year 2012-13, Board of Directors do not propose and recommend any dividend to the shareholders as your company has reported a loss of Rs. 4803.57 lacs. However, Board of Directors believes that dividend will be recommended in the coming years for shareholders if profit of the company rises.

Unclaimed / Unpaid Dividend

Pursuant to provisions of section 205A read with section 205C of the Companies Act, 1956, dividend which has remain unclaimed by members of the Company and unpaid for seven years after date of its declaration must be transferred to Investor Education & Protection Fund (IEPF). Unclaimed dividend for the financial year 2008-09 shall become due on October 22, 2016 for deposit in IEPF. Members must note that upon transfer of dividend to Investor Education & Protection Fund, they lose their right to make claim on such dividend. Therefore, Members are requested to claim the amount of unpaid / unclaimed dividend before due date.

Business Segment:

Your Company does not have any reportable segment in accordance to Accounting Standard (AS) -17 issued by the Institute of Chartered Accountants of India as it deals in only one segment i.e., Retail segment.

Management Discussion and Analysis:

A report on management discussion and analysis is annexed hereto and forms part of this report as required in Clause 49 of the listing agreement with the stock exchanges of India.

Corporate Governance:

The Company has put in place the norms of Corporate Governance in compliance with the provisions of Clause 49 of the listing agreement. A report on Corporate Governance as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges forms part of the Annual Report. A certificate to that effect has been obtained from statutory auditors of the Company and is annexed to this report elsewhere.

Environmental Aspects and Social Responsibility:

The Company is committed to improve all aspects of environment. We always aspire to fuse business values, cultural pillars and operating principles to achieve the expectations of our customers, lenders, employees, investors, communities and the wider society. We always pay full attention to promote, improve and maintain our responsibility towards the society as a whole for better socio-economic condition.

Directors:

Pursuant to section 255 of the Companies Act, 1956 and Article 129 of Article of Association of the Company, Shri A. Chatterjee and Shri Manoj Mishra, directors of the Company, shall retire by rotation and being eligible offer themselves for reappointment. A brief resume of the Director seeking re-appointment, their expertise etc. is given in the notice to the ensuing Annual General Meeting.

Further on the basis of recommendations of Remuneration Committee of the Company, Board of Directors of the Company at its meeting held on 30th July, 2013 accorded their consent for the re-appointment of Shri Sandip Jhunjhunwala as Managing Director of the Company for another term of five years with effect from 31st July, 2013.

Board of Directors seeks your approval for the terms of his re appointment and remuneration.

A brief resume of the Directors seeking re-appointment, their expertise etc. is given in the notice to the ensuing Annual General Meeting.

Auditors:

M/s P.K. Lilha & Co., Chartered Accountants, who are Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting and are being eligible for re-appointment. They have shown their willingness to accept re-appointment as auditors of the Company for the financial year 2013-14. In terms of Section 224A of the Companies Act, 1956, their re-appointment needs to be approved by the members and their remuneration has to be fixed.

Auditors Report:

The Notes on Accounts referred to the Auditors'' Report are self explanatory and do not call for any further comments.

Director''s Responsibility Statement:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that:

- In preparation of the annual accounts for the financial year ended 31st March, 2013, the applicable accounting standards read with requirement set out under revised Schedule VI to the Companies Act,1956, have been followed along with the proper explanations relating to the material departures, if any.

- The Directors had 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 financial results of the Company as at 31st March, 2013.

- 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 assets of the Company and for preventing and detecting the fraud and other irregularities.

- The Directors have prepared the annual accounts for the financial year ended 31st March, 2013 on a going concern basis.

Public Deposits:

The Company has neither invited nor accepted any Public Deposits within the meaning of section 58A of the Companies Act, 1956, during the year under review.

Particulars of Employees:

Information of particulars of employees as required to be furnished pursuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, forms part of this report. However, as per the provision of Section 219(1)(b)(iv) of the Companies Act,1956, the reports and accounts are being sent to all the shareholders of the Company excluding the statement of particulars of employees under section 217(2A) of the Companies Act, 1956. Statement of particulars of employees and other documents, if any, which are not annexed to this Report, will be open for inspection for the shareholders at registered office of the Company during working hours for a period of 21 days before the date of annual general meeting. Also any shareholder interested in obtaining a copy may write to the Company Secretary for the same.

Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo:

The particulars relating to energy conservation, technology absorption and foreign exchange earnings & outgo is required to be disclosed under section 217(1)(e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors ) Rules,1988. As the Company being in retail sector, the provisions regarding giving details of conservation of energy is not applicable. However, your Company has taken adequate measures to reduce energy consumption wherever possible.

The Company has not incurred any expenditure on Research & Development, Technology absorption, adoption & innovation during the year under review. However, the detail for "Nil" expenditure is given below:

1. Specific Areas in which R & D carried out by the Company Not Applicable

2. Benefits derived as a result of above R & D Nil

3. Future Plan of Action

4. Expenditure on R & D (Rs. In Lacs)

a. Capital Nil

b. Recurring Nil

c. Total Nil

d. Total R & D Nil Expenditure as % of total Turnover Nil

Your Company being concentrating on the domestic consumption market and do not have any exports initiatives to report to the members.

Acknowledgment:

The Board would like to express their gratitude and place on record their sincere appreciation for continued support and cooperation received from consumers, bankers, vendors, government authorities, employees and other stakeholders during the year under review. Your Directors have belief for continued support to be extended by all the stakeholders in the years to come.



For and on behalf of the Board



Sd/- Sd/-

A.K. Chatterjee Manoj Mishra

Director Director



Place: Kolkata

Date: May 30, 2013


Mar 31, 2012

The Directors have pleasure in presenting the Fifth Board Report together with the audited statement of accounts of the Company for the financial year ended 31st March, 2012.

Financial Results:

The financial performance of the Company for the year under review is summarized below:

(Rs. in Lakhs)

Particulars 2011-2012 2010-2011

Revenue From Operations/Sales (Net) 61,405.12 71,649.95

Other Income 6.90 4.79

Total Income 61,412.02 71,654.74

Profit before Depreciation, Interest, Amortisation & Tax (PBDIAT) 902.93 5,267.49

Less: Interest 12.87 7.38

Profit before Depreciation & Tax (PBDT) 890.06 5,260.11

Less: Depreciation 771.32 771.19

Profit before Tax (PBT) 118.74 4,488.92

Less:

Current Taxation 76.63 1,560.00

Deferred Tax (36.19) (26.72)

Prior Period Tax Payment 46.42 51.65

Profit after Tax (PAT) 31.88 2,904.00

Allotment of Equity Shares on conversion of Fully Convertible Debentures:

During the year under review, 13,95,002 equity shares were allotted on 26th April, 2011 at a price of Rs.193.55 per share having face value of Rs. 2/- each on conversion of 27,00,000 Fully Convertible Debentures which have been listed in Bombay Stock Exchange Limited and National Stock Exchange of India Limited. We have already informed you about detail of allotment in our earlier Board Report.

Financial Highlights:

During the year under review the company has entered the consolidation phase and is closely monitoring the performance of its Master Franchisee/Franchisee. The company achieved a sales/turnover of Rs. 61,405.13 Lakhs. Though there is a slight decline in the turnover from Rs. 71,649.95 lakhs the company is quite satisfied with the performance of its franchisees thereby providing the right platform for the future of the company.

Likewise the company has encouraged the franchisees by providing some attractive schemes that have resulted in a decline in the profits of the company. The company has a profit after tax of Rs. 31.88 Lacs down from Rs. 2904.00 lakhs in the previous year. The company has also commenced our value stores which has a relatively low margin.

Hence, though the profit after tax of the company has reduced during the year, your directors believe that the company has developed a strong enough platform that will stand the company in good stead in the future.

Dividend:

In View of the overall economic condition, there is a need for the consolidation for the Company, hence your directors are unable to recommend any dividend to the shareholders for the financial year 2011-2012.

Management Discussion and Analysis:

A report on management discussion and analysis is annexed hereto and forms part of this report.

Corporate Governance:

The Company has put in place the norms of Corporate Governance in compliance with the provisions of Clause 49 of the listing agreement. A report on Corporate Governance as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges forms part of the Annual Report. A certificate to that effect has been obtained from statutory auditors of the Company and is annexed to this report.

Environmental Aspects and Social Responsibility:

The Company is committed to improve all aspects of environment. We pay full attention to promote, improve and maintain our responsibility to the society for better socio economic condition.

Directors:

Shri K. D. Ghosh and Dr. ING N.K. Gupta, Directors of the Company, retire by rotation and being eligible offer themselves for reappointment. A brief resume of the Director seeking re-appointment, their expertise etc. is given in the notice to the ensuing Annual General Meeting.

Remuneration to Managing Director:

Company has taken approval of the Members of the Company in the last annual General meeting of the Company to pay remuneration of Rs. 1,20,00,000 per annum (CTC)(inclusive of all perquisite) to Shri Sandip Jhunjhunwala, Managing Director of the Company. The Company has filled all the necessary forms with Ministry of Corporate affairs.

However during the year under review, Company is having inadequate profits, therefore the Company has paid Rs. 9,00,000 as remuneration to Shri Sandip Jhunjhunwala, which is in compliance to the provisions of Schedule XIII of the Companies Act.

Auditors:

The statutory auditors of the Company M/s P.K. Lilha & Co., Chartered Accountants, Kolkata, retire at the conclusion of ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. In terms of Section 224A of the Companies Act, 1956, their appointment needs to be approved by the members of the Company and their remuneration has to be fixed.

Auditors Report:

The Notes on Accounts referred to the Auditors, Report are self explanatory and do not call for any further comments.

Director,s Responsibility Statement:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors, Responsibility Statement, it is hereby confirmed that:

- In preparation of the annual accounts for the financial year ended 31st March, 2012, the applicable accounting standards read with requirement set out under revised Schedule VI to the Companies Act,1956, have been followed along with the proper explanations relating to the material departures, if any.

-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 financial results of the Company as at 31st March, 2012.

- 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 assets of the Company and for preventing and detecting the fraud and other irregularities.

- The Directors have prepared the annual accounts for the financial year ended 31st March, 2012 on a going concern basis.

Public Deposits:

The Company has neither invited nor accepted any Public Deposits during the year under review.

Particulars of Employees:

Particulars of employees as required to be furnished pursuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended, form part of this report. However, as per the provision of Section 219(1)(b)(iv) of the Companies Act,1956, the reports and accounts are being sent to all the shareholders of the Company excluding the statement of particulars of employees. Statement of particulars of employees and other documents, if any, which are not annexed to this Report, will be open for inspection for the shareholders at registered office of the Company during working hours for a period of 21 days before the date of annual general meeting. Also any shareholder interested in obtaining a copy may write to the Company Secretary for the same.

Conservation of Energy & Technology Absorption and Foreign Exchange Earnings and Outgo:

As the Company being in retail sector, the provisions regarding giving details of conservation of energy is not applicable.

However there is no expenditure on Research & Development, Technology absorption, adoption & innovation during the current financial year.

Your Company being concentrating on the domestic consumption market and do not have any exports initiatives to report to the members.

Acknowledgment:

The Board wishes to place on record their sincere appreciation to all consumers, bankers, vendors and other stakeholders for their continued support during the year under review. Your Directors are quite optimistic for support to be extended by all in the years to come.

For and on behalf of the Board

Sd/- Sandip Jhunjhunwala Chairman

Place: Kolkata Date : 30th May, 2012


Mar 31, 2011

Dear Members,

The Directors have great pleasure in presenting the Fourth Board Report of the Company together with the audited statement of accounts for the financial year ended 31 st March, 2011.

Summarised Financial Results: (Rs in Lacs)

Particulars 2010-2011 2009-2010

Sales (Net) 71649.95 69089.84

Other Income 4.79 9.19

Total Income 71654.74 69099.03

Profit before Depreciation, Interest & Tax (PBDIT) 5267.49 4846.70

Less: Interest 7.38 6.56

Profit before Depreciation & Tax (PBDT) 5260.11 4840.14

Less: Depreciation 771.19 785.61

Profit before Tax (PBT) 4488.92 4054.53

Less:

Provision for Current Taxation 1560.00 1430.00

Provision for Fringe Benefit Tax - -

Provision for Deferred Tax (26.72) (43.56)

Income Tax paid for earlier years 51.65 23.74

Profit after Tax (PAT) 2904.00 2644.35

Amount Available for Appropriation 3866.00 3498.00

Less: Proposed Dividend 291.40 287.27

Less: Corporate Dividend Tax 47.27 48.83

Add: Excess Provision for Dividend Tax 1.10 -

Less: Transfer to General Reserves 2200.00 2200.00

Balance Carried to Balance Sheet 1328.33 961.90

Issue of Equity shares of the Company to Brand Equity Treaties Limited:

During the financial year under review, the Company has issued 20,66,970 equity shares of face value of Rs 21- each on 10th February, 2011, to Brand Equity Treaties Limited on preferential basis in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Business / Financial Performance:

We are pleased to inform you that your Company has recorded the sales and profit ofRs 71649.95 Lakhs and Rs 2904.00 Lakhs respectively during the financial year under review. However, sales for the year under review were mere increase of Rs 2560.12 Lakhs from preceding year sales of Rs 69090 Lakhs but PAT for financial year 2010-11 was 12904 Lakhs which is higher by Rs 259.64 Lakhs from preceding year profit of Rs 2644 Lakhs. The increase in net profit in terms of percentage is 9.82%. It is the result of further reduction in personnel and administrative costs during the year under review. During the financial year under review, the Company has 169 franchised outlets across Delhi & NCR, Punjab, Jaipur, Kolkata, Nagpur, Ahmedabad and Baroda. The Company has also entered into tie up with small shopkeepers for sale of goods and articles of 6Ten by these shopkeepers and are called value stores. Small shopkeepers get certain percentage of commission on sale of goods of the Company. The Company has already operating 297 value stores across Delhi, NCR and Punjab.

Overall, the Company has delivered a good performance in terms of financial, operations and strategy amidst competitive retail market.

Dividends:

The Board of Directors have recommended a final dividend @ Rs 0.20/- per equity share (i.e., 10% of the face value of Rs 2/-each) for the financial year ended 31st March, 2011. The total dividend outgo for the current year would amount to Rs 338.69 lakhs inclusive of Dividend Distribution Tax ofRs 47.28 lakhs.

Management Discussion and Analysis:

A report on management discussion and analysis is annexed hereto and forms part of this report.

Corporate Governance:

The Company has put in place the norms of Corporate Governance in compliance with the provisions of Clause 49 of the listing agreement. A report on Corporate Governance as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges forms part of the Annual Report. A certificate to that effect has been obtained from statutory auditors of the Company and is annexed to this report.

Environmental Aspects and Social Responsibility:

The Company is committed to improve all aspects of environment. We pay full attention to promote, improve and maintain our responsibility to the society for better socio economic condition.

Directors:

Shri A. Chatterjee and Shri Manoj Mishra, Directors of the Company shall retire by rotation and being eligible offer themselves for reappointment. A brief resume of the Director seeking re-appointment, their expertise etc. is given in the notice to the ensuing Annual General Meeting.

Auditors:

The statutory auditors of the Company M/s P.K. Lilha & Co., Chartered Accountants, Kolkata, retire at the conclusion of ensuing Annual General Meeting and being eligible, offer themselves for re-appointment till the conclusion of the next Annual General Meeting. In terms of Section 224A of the Companies Act, 1956, their appointment needs to be approved by the members of the Company and their remuneration has to be fixed.

Auditors Report:

The Notes on Accounts referred to the Auditors' Report are self explanatory and do not call for any further comments.

Director's Responsibility Statement:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed that:

- In preparation of the annual accounts for the financial year ended 31st March, 2011, the applicable accounting standards read with requirement set out under Schedule VI to the Companies Act, 1956, have been followed along with the proper explanations relating to the material departures, if any.

- 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 financial results of the Company as at 31 st March, 2011.

- The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting the fraud and other irregularities.

- The Directors have prepared the annual accounts for the financial year ended 31st March, 2011 on a going concern basis.

Public Deposits:

The Company has neither invited nor accepted any Public Deposits during the year under review.

Particulars of Employees:

Particulars of employees as required to be furnished pursuant to Section 217(2A) of the Companies Act, 1956, read with the rules thereunder, form part of this report. However, as per the provision of Section 219(1)(b)(iv) of the Companies Act,1956, the reports and accounts are being sent to all the shareholders of the Company excluding the statement of particulars of employees. Any Shareholder interested in obtaining a copy may write to the Company Secretary.

Conservation of Energy & Technology Absorption and Foreign Exchange Earnings and Outgo:

As the Company being in retail sector, the provisions regarding giving details of conservation of energy is not applicable.

However there is no expenditure on Research & Development, Technology absorption, adoption & innovation during the current financial year.

Your Company does not have any exports initiatives to report to the members as the Company is fully concentrating on domestic market. There is no foreign exchange earnings and outgo.

Acknowledgment:

The Board would like to thank and also place on record their sincere appreciation to all consumers, bankers, vendors and other stakeholders for their continued support during the year under review. Your Directors are quite optimistic for support to be extended by all in the years to come.

For and on behalf of the Board

Sd/- Sandip Jhunjhunwala Chairman

Place: New Delhi Date: May 30, 2011


Mar 31, 2010

The Directors have pleasure in presenting the Third Board Report of the Company together with the audited financial results for the financial year ended 31st March, 2010.

Summarised Financial Results: (Rs. in Lacs)

Particulars 2009-2010 2008-2009

Sales (Net) 69089.84 83119.93

Other Income 9.19 39.71

Total Income 69099.03 83159.64

Profit Before Depreciation, Interest & Tax (PBDIT) 4846.70 4208.25

Less: Interest 6.56 6.15

Profit Before Depreciation & Tax (PBDT) 4840.14 4202.10

Less: Depreciation 785.61 678.47

Profit Before Tax (PBT) 4054.53 3523.63

Less:

Provision for Current Taxation 1430.00 963.00

Provision for Fringe Benefit Tax ----- 28.50

Provision for Deferred Tax (43.56) 272.45

Income Tax paid for earlier years 23.74 -----

Profit After Tax (PAT) 2644.35 2259.68

Amount Available for Appropriation 3498.00 2689.74

Less:

Proposed Dividend 287.27 287.27

Corporate Dividend Tax 48.82 48.82

Transfer to General Reserves 2200.00 1500.00

Balance Carried to Balance Sheet 961.90 853.65

Sub-division / Split of Shares:

During the financial year under review, the Company has sub divided / split its equity shares from one equity share of face value Rs. 10/- each into five equity shares of Rs. 2/- each w.e.f. October 27, 2009 .

Issue / Allotment of Convertible Debentures to HT Media Ltd. and Writers & Publisher Pvt. Ltd.

During the financial year under review, the Company has issued on 29th December, 2009, 7,00,000 Fully Convertible Debentures of face value Rs.100/- each to HT Media Limited and 20,00,000 Fully Convertible Debentures of face value Rs.100/- each to Writers & Publisher Pvt. Ltd. respectively for amount aggregating to Rs. 27 Crore (Rupees Twenty Seven Crore Only) on preferential basis. Debentures are convertible into equity shares at applicable price as computed according to the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. Due date of conversion of the said fully convertible debentures is 28th June, 2011.

Business / Financial Performance:

We are pleased to inform you that your Company has recorded the sales and profit of Rs.69090 Lakhs and Rs. 2644 Lakhs respectively during the financial year under review. However, sales for the year under review were declined to Rs. 69090 Lakhs from preceding year sales of Rs.83120 Lakhs but PAT for financial year 2009-10 was Rs. 2644 Lakhs which is higher by Rs.384 Lakhs (approx.) from preceding year profit of Rs. 2260 Lakhs. The increase in net profit in terms of percentage is 17% (approx.). It is the result of reduction in costs particularly personnel and administrative costs. During the financial year under review, the Company has added 226 new franchisees and total franchised outlets are 310 across Delhi & NCR, Punjab, Jaipur, Mumbai, Kolkata, Nagpur, Ahmedabad and Baroda as compared to 84 as on March 31, 2009. Overall, the Company has delivered a good performance in terms of financial and operations amidst competitive retail market.

Dividends:

The Board of Directors have recommended a final dividend of Re.0.20/- per equity share (i.e.,10% of the face value of Rs.2/-each) for the financial year ended 31st March, 2010. Thus total payment for dividends comes to Rs. 287.27 Lakhs.

Management Discussion and Analysis

A report on management discussion and analysis is annexed hereto and forms part of this report.

Corporate Governance:

The Company has put in place the norms of Corporate Governance in compliance with the provisions of Clause 49 of the listing agreement. A report on Corporate Governance as stipulated under clause 49 of the Listing Agreement entered with the Stock Exchanges forms part of the Annual Report. A certificate to that effect has been obtained from Statutory Auditors of the Company and is annexed to this report.

Environmental aspects and Social Responsibility:

The Company is committed to improve all aspects of environment. We will pay attention to promote and improve better socio economic conditions of the society as we cannot exist without betterment of the society.

Directors:

Shri K.D.Ghosh and Dr. ING N.K. Gupta, Directors of the Company, retire by rotation and being eligible offer themselves for reappointment. A brief resume of the Director seeking re-appointment, their expertise etc. is given in the notice to the ensuing Annual General Meeting.

Auditors:

The statutory auditors of the Company M/s P.K. Lilha & Co., Chartered Accountants, Kolkata, retire at the conclusion of ensuing Annual General Meeting and being eligible, offer themselves for re-appointment till the conclusion of the next Annual General Meeting. In terms of Section 224A of the Companies Act, 1956, their appointment needs to be approved by the members of the company and their remuneration has to be fixed.

Auditors Report:

The Notes on Accounts referred to the Auditors Report are self explanatory and do not call for any further comments.

Directors Responsibility Statement:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed that:

» In preparation of the annual accounts for the financial year ended 31st March, 2010, the applicable accounting standards read with requirement set out under Schedule VI to the Companies Act,1956, have been followed along with the proper explanations relating to the material departures, if any.

» 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 financial results of the Company as at 31st March, 2010.

» The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting the fraud and other irregularities.

» The Directors have prepared the annual accounts for the financial year ended 31st March, 2010 on a going concern basis.

Public Deposits:

The Company has neither invited nor accepted any Public Deposits during the year under review.

Particulars of Employees:

Particulars of employees as required to be furnished

pursuant to Section 217(2A) of the Companies Act,1956, read with the rules thereunder, form part of this report. However, as per the provision of Section 219(1)(b)(iv) of the Companies Act,1956, the reports and accounts are being sent to all the shareholders of the Company excluding the statement of particulars of employees. Any Shareholder interested in obtaining a copy may write to the Company Secretary.

Conservation of Energy & Technology Absorption and Foreign Exchange earnings and outgo:

As the Company being in retail sector, the provisions regarding giving details of conservation of energy is not applicable.

However there is no expenditure on Research & Development, Technology absorption, adoption & innovation during the current financial year.

Your Company does not have any exports initiatives to report to members as the Company is fully concentrating on domestic market. There is no foreign exchange earnings and outgo.

Acknowledgment:

The Board would like to thank and also place on record their sincere appreciation to all consumers, bankers, vendors and other stakeholders for their continued support during the year under review. Your Directors are quite optimistic for support to be extended by all in the years to come.

For and on behalf of the Board

Sd/- Sd/-

Manoj Mishra A. Chatterjee

Director Director

 
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