Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their 22nd Annual Report on
the business and operations of the Company together with the Audited
Accounts of the Company for the financial year ended March 31, 2015.
FINANCIAL RESULTS
PARTICULARS Year ended 31st Year ended 31st
March 2015 March 2014
PROFIT BEFORE TAX 298,70,745.19 3,01,47,248.03
Less:
Provision for taxation (58,75,592.00) (59,44,349.00)
Provision for Deferred Tax Assets 4,87,819.00 (39,295.00)
2,41,63,604.03
Less: Excess (Short) Provision for  (36,201.00)
Income Tax
PROFIT AFTER TAX 244,82,972.19 2,41,27,394.03
Balance Brought Forward 1211,93,064.90 10,18,02,242.87
Less: Transfer to Statutory Reserve 48,96,594.00 48,25,479.00
Less: Provision against Standard Assets 26,158.00 88,907.00
Less: Provision against Doubtful Assets  Â
BALANCE CARRIED TO B/S 1407,53,285.09 12,11,93,064.90
DIVIDEND
In order to consolidate the Company's financial position, your
directors consider it prudent not to recommend dividend for the year
under review.
RESERVES
No amount is proposed to carry to any reserves by the board of
directors.
STATE OF COMPANY'S AFFAIR
The results for the reporting year compared with the prior year were
affected mainly due to non-selling of investments, which resulted in a
decline in revenues. However the market value of Current Investments
are increased substantially as compared to last year
CHANGES IN THE NATURE OF BUSINESS
There is no Change in the nature of the business of the Company during
the year.
MATERIAL CHANGES AND COMMITMENTS
There is no material changes occurred subsequent to the close of the
financial year of the Company to which the balance sheet relates and
the date of the report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS
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.
INTERNAL CONTROL SYSTEMS
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. To maintain its objectivity and
independence, the Internal Audit function reports to the Chairman of the
Audit Committee of the Board & to the Chairman & Managing Director.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies of the Company.
SUBSIDIARY/ASSOCIATE/JOINT VENTURE COMPANIES:
Your Company have associate companies namely M/s. Shreyashi Tradecom.
Pvt. Ltd (CIN: U51909WB1998PTC086331) holding 33.96% shares, within the
meaning of Section 2(6) of the Companies Act, 2013 ("Act").
DEPOSITS
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.
SHARE CAPITAL
During the year under review, the company has not issued shares with
differential voting rights nor granted stock options nor sweat equity.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure B".
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING & OUTGO
The information required u/s. 134(3)(q) of the Companies Act, 2013,
read with the Rule 8(3) of Companies (Accounts) Rule,2014 with respect
to conservation of Energy, Technology absorption are not applicable to
the company. The Company has no foreign exchange outflow or inflow
during the year under review.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company, being a non-banking finance company registered with the
Reserve Bank of India and engaged in the business of giving loans, is
exempt from complying with the provisions of section 186 of the
Companies Act, 2013. Accordingly, the disclosures of the loans given as
required under the aforesaid section have not been given in this
Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES U/S
188(1)
All related party transactions that were entered into during the
financial year were on arm's length basis and were in the ordinary
course of the business. There are no materially significant related
party transactions made by the company with Promoters, Key Managerial
Personnel or other designated persons which may have potential conflict
with interest of the company at large. The details of the related party
transaction made by company are given in the notes to the financial
statements.
RISK MANAGEMENT POLICY
Business Risk Evaluation and Management is an ongoing process within
the Organization. The Company laid down the procedure to inform Board
members about the risk assessment and minimisation procedures. The
Board framed, implemented and monitored, the Company's risk management
practices and activities at regular interval. At present the Board has
not identified any element of risk which may threaten the existence of
the company.
CORPORATE SOCIAL RESPONSIBILITY
In terms of the provisions of Section 135 read together with Rule of
the Companies Act, the "corporate social responsibility" (CSR),
requirement is not applicable to the Company.
CORPORATE GOVERNANCE CERTIFICATE
The Compliance certificate from the auditors regarding compliance of
conditions of corporate governance as stipulated in Clause 49 of the
Listing agreement shall be annexed with the report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Board of Directors of the Company has adopted Whistle Blower
Policy. The management of the Company, through the policy envisages
encouraging the employees of the Company to report to the higher
authorities any unethical, improper, illegal or questionable acts,
deeds & things which the management or any superior may indulge in.
This policy has been circulated to employees of the Company. However,
no employee has been denied access to the Audit Committee.
NOMINATION & REMUNERATION COMMITTEE
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 Remuneration Policy is
stated in the Corporate Governance Report.
PARTICULARS OF EMPLOYEES
None of the employees, who were in receipt of remuneration in excess of
the limits as specified under Rule 5(2) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 throughout or
part of the financial year under review, was engaged in the company.
DIRECTORS:
Changes in Directors and Key Managerial Personnel
Mr. Uttam Banerjee retire by rotation and, being eligible, offer
himself for re appointment. The Directors recommend Mr. Uttam Banerjee
for re-appointment.
Independent Director(s) declaration
Mr. Shambhu Nath Modi and Mr. Rajesh Kumar Routh who are Independent
Directors, have submitted a declaration that each of them meets the
criteria of independence as provided in Sub-Section (6) of Section 149
of the Act and revised Clause 49 of the Listing Agreements. Further,
there has been no change in the circumstances which may affect their
status as independent director during the year.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an evaluation of its
own performance, the directors individually as well as the evaluation
of the working of its Audit, Nomination & Remuneration Committees. The
manner in which the evaluation has been carried out has been explained
in the Corporate Governance Report.
CODE OFCONDUCT
The Directors and members of Senior Management have affirmed compliance
with the Code of Conduct for Directors and Senior Management of the
Company. A declaration to this effect has been signed by Managing
Directors and forms part of the Annual Report.
BOARD MEETING
During the year Eleven Board Meetings were convened and held. The
intervening gap between the Meetings was within the period prescribed
under the Companies Act, 2013. The details of which are given in the
Corporate Governance Report.
SECRETARIAL AUDITOR & SECRETARIAL AUDIT REPORT
Pursuant to provisions of section 204 of the Companies Act, 2013 and the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 the company has appointed
Mr. Anand Khandelia, a firm of company Secretaries in practice to
undertake the Secretarial Audit of the Company. The Secretarial Audit
report is annexed herewith as "Annexure A"
STATUTORY AUDITORS & AUDITORS REPORT
Pursuant to the provisions of Section 139 of the Act and the rules
framed thereunder, M/s. V.M.D & Associates, Chartered Accountants, were
appointed as statutory auditors of the Company from the conclusion of
the 22nd Annual General Meeting (AGM) of the Company held on 30th
September, 2015 till the conclusion of the 26th AGM to be held in the
year 2019, subject to ratification of their appointment at every AGM.
The Auditor of the company has not made any qualification, reservation
or adverse remark or disclaimer in his report and hence, do not call
for any further comments under Section 134 of the Companies Act, 2013.
DIRECTOR'S RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, the directors
would like to state that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii) The directors have selected such accounting policies and applied
them 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 or
loss of the Company for the year under review.
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.
v) The directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) The directors had devised proper system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship
with workers and employees at all levels.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
The Corporate Governance and Management Discussion & Analysis Report,
which form an integral part of this Report, are set out as separate
Annexure, together with the Certificate from the auditors of the
Company regarding compliance with the requirements of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement.
DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and
has adopted a policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules framed thereunder. During the
financial year 2014-15, no complain had been received.
PECUNIARY RELATIONSHIP OR TRANSACTIONS OF NON-EXECUTIVE DIRECTORS
During the year, the Non-Executive Directors of the Company had no
pecuniary relationship or transactions with the Company.
ACKNOWLEDGEMENTS:
Your Company and its Directors wish to extend their sincerest thanks to
the Members of the Company, Bankers, Executives, Staff and workers at
all levels for their continuous cooperation and assistance.
Place: Kolkata For and on behalf of the Board
Dated: 30th May, 2015 (Arun Kumar Agarwalla)
Managing Director
DIN:00607272
Mar 31, 2014
Dear Shareholders
The Directors have pleasure in presenting the 21st Annual Report of
the Company together with the Audited Accountants for the year ended
31st March, 2014.
FINANCIAL RESULTS
PARTICULARS Year ended 31st Year ended 31st
March 2014 March 2013
PROFIT BEFORE TAX 3,01,47,248.03 2,17,22,190.39
Less:
Provision for taxation (59,44,349.00) (42,46,467.00)
Provision for Deferred Tax Assets (39,295.00) (31,404.00)
2,41,63,604.03 1,74,44,319.39
Less: Excess (Short) Provision
for Income Tax (36,201.00) 47,392.00
PROFIT AFTER TAX 2,41,27,394.03 173,96,927.39
Balance Brought Forward 10,18,02,242.87 8,80,39,509.48
Less: Transfer to Statutory Reserve 48,25,479.00 34,79,376.00
Less: Provision against Standard Assets 88,907.00 1,54,773.00
Less: Provision against Doubtful Assets - -
BALANCE CARRIED TO B/S 12,11,93,064.90 10,18,02,242.87
DIRECTORS
Mrs. Sudha Agarwalla, directors of the Company will retire by rotation
at the ensuing Annual General Meeting and being eligible offer herself
for re- appointment.
DIVIDEND
In order to consolidate the Company's financial position, your
directors consider it prudent not to recommend dividend for the year
under review.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the Public in the
meaning of section 58A of the Companies Act, 1956.
EMPLOYEES
There was no employee of the Company Coming under the Purview of
disclosure required under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975. AUDITOR'S
& AUDITORS' REPORT
The Auditors of the Company, Messrs S. K. Modi & Associates, Chartered
Accountants, retires at the Conclusion of the ensuing Annual General
Meeting. Company has received the resignation from the statutory
auditors and the Company has received a certificate under section
141(3)(g) of the Companies Act, 2013 from M/s. V.M.D & Associates,
Chartered Accountants, of their eligibility for appointment.
The notes on accounts referred to the Auditors Report are
self-explanatory and therefore, do not call for any further
explanation.
CORPORATE GOVERNANCE
The detailed Report on Corporate Governance in terms of Clause 49 of
the Listing Agreement is attached to the Annual Report.
SUBSIDIARY
The Company do not have any subsidiary company during or at the end of
the year.
DIPOSITORY SYSTEM & LISTING OF SHARES
The Company's script has come under come under compulsory
dematerialization for all investors. The ISIN no. allotted to the
equity shares of the company is INE563C01015. The Equity Shares of the
Company are listed on The Calcutta Stock Exchange Association Ltd.
STATUTORY INFORMATION
The Company being basically in the financial section, requirement
regarding the disclosures of particulars of conservation of energy and
technology absorption prescribed by the rules are not applicable.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING & OUTGO
The information required u/s. 217(1)(e) of the Companies Act, 1956,
read with the Companies (Disclosure in the Report of the Board of
Directors) Rules, 1988 with respect to conservation of Energy,
Technology absorption are not applicable to the company. The Company
has no foreign exchange outflow or inflow during the year under review.
ACKNOWLEDGEMENTS
Your Directors acknowledge the support and gratitude of the
shareholders, Investors & Bankers. Last but not the least, your
Directors place on record their sense of appropriation of the valuable
contribution made by the employees of the Company.
MANAGEMENT DISCUSSION & ANALYSIS
In order to avoid duplication between the Directors Report and the
Management discussion and Analysis, we present below a composite
summary as stipulated under clause 49 of the Listing Agreement with the
Stock Exchanges in India of the same herein below:
Non Banking Financial Companies(NBFCs) have become an integral part of
India's financial system. In recent times, NBFC's have emerged as
lenders to both companies and individuals. When it comes to lending,
NBFCs are generally regarded to be complementary to banks and are often
able to offer better services and products to their customers. Inspite
of strong competition faced by the NBFCs, the inner strength of NBFCs
viz local knowledge, credit appraisal skill, well trained collection
machinery, close monitoring of borrowers and personalized attention to
each client, are catering to the needs of small and medium enterprises
in the rural and semi urban areas. NBFC's are playing significant role
in financing the road transport and infrastructure and have reached the
gross root level through Micro finance.
The main activity of the company is financing and investment/ trading
in shares.
OPPORTUNITIES & THREATS, RISKS & CONCERNS, PERFORMANCE AND OUTLOOK
The Company bears the normal risk in terms of inherent business risk in
the kind of business the company is into. The Board of the company has
taken a balanced approach for investing in these activities.
RISK & CONCERNS
Over the years, your Company has achieved an appropriate balance
between risk and returns by setting up an efficient risk mitigation
system to meet various forms of financial and other risks. The primary
risks that the company is exposed to are, credit risk, market risk and
operational risk. Deriving from the long years of experience in
financing and trading in securities, your Company's credit policy
framework is designed to provide the right balance between business
growth and portfolio quality. The Company's philosophy of not
outsourcing the credit appraisal process has ensured that credit
filters are uniformly applied by experienced and well-trained
employees. The Audit Committee, lays down policies and tolerance levels
that involve assessing of various types of risks and altering the
asset-liability portfolio in a dynamic way, in order to manage such
risks. Liquidity and interstate risks, within the limits laid down by
the board, are constantly monitored by the Audit Committee The Risk
Management framework is dynamic and will continue to evolve in line
with the emerging risk perceptions.
During the year, your Company has constituted a Risk Management.
Committee, in accordance with the Guidelines on Corporate Governance
issued by the Reserve Bank of India, to monitor the risk management
framework on an ongoing basis with a view to ensuring that risk
parameters are within defined limits. Consequently, the scope of the
Audit Committee has been appropriately redefined.
CAUTIONARY STATEMENT
Statements in the Management Discussion and Analysis Report describing
our Company's objectives, expectations or predictions may be forward
looking within the meaning of applicable regulations and other
legislations. Actual results may differ materially from those expressed
in the statement. Important factors that could influence Company's
operations include global and domestic financial market conditions
affecting the interest rates, availability of resources for the
financial sector, market for lending, changes in regulatory directions
issued by the Government, tax laws, economic situation and other
relevant factors.
EMPLOYER EMPLOYEE RELATIONSHIP
The company maintained a cordial relationship with its employees which
resulted in smooth flow of business operations during the period under
review.
DIRECTOR'S RESPONSIBILITY STATEMENT
In accordance with section 217(2AA) of the Companies Act, 1956 the
Directors of the Company hereby state that.
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed.
b) The Directors had selected such accounting policies and applied them
consistently and made judgment 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.
c) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
d) The Directors had prepared the annual accounts on a going concern
basis.
Place: Kolkata For and on behalf of the Board
Dated: 31st May, 2014.
(Arun Kumar Agarwalla)
Managing Director
Mar 31, 2013
Dear Shareholders
The Directors have pleasure in presenting the Annual Report of the
Company together with the Audited Accountants for the year ended 31st
March, 2013.
FINANCIAL RESULTS
PARTICULARS Year ended 31st Year ended 31st
March 2013 March 2012
PROFIT BEFORE TAX 2,17,22,190.39 120,13,987.78
Less:
Provision for taxation (42,46,467.00) (31,404.00)
Provision for Deferred Tax Assets (31,404.00) (51,612.00)
1,74,44,319.39 96,36,368.78
Less: Excess (Short) Provision
for Income Tax 47,392.00 -
PROFIT AFTER TAX 173,96,927.39 96,36,368.78
Balance Brought Forward 8,80,39,509.48 115,375,872.70
Less: Transfer to Statutory Reserve 34,79,376.00 2,48,37,274.00
Less: Provision against
Standard Assets 1,54,773.00 2,25,748.00
Less: Provision against Doubtful Assets - 1,19,09,710.00
BALANCE CARRIED TO B/S 10,18,02,242.87 8,80,39,509.48
DIRECTORS
Mr Arun Kumar agarwalla and Mr. Rajesh Kumar Routh, directors of the
Company will retire by rotation at the ensuing Annual General Meeting
and being eligible offer themselves for re- appointment.
DIVIDEND
In order to consolidate the Company's financial position, your
directors consider it prudent not to recommend dividend for the year
under review.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the Public in the
meaning of section 58A of the Companies Act, 1956.
EMPLOYEES
There was no employee of the Company Coming under the Purview of
disclosure required under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975. AUDITOR'S
The Auditors of the Company, Messrs S.K. Modi & Associates, Chartered
Accountants, retires at the Conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for reappointment.
CORPORATE GOVERNANCE
The detailed Report on Corporate Governance in terms of Clause 49 of
the Listing Agreement is attached to the Annual Report.
LISTING OF SHARES
The Equity Shares of the Company are listed on The Calcutta Stock
Exchange Association Ltd.
STATUTORY INFORMATION
The Company being basically in the financial section, requirement
regarding the disclosures of particulars of conservation of energy and
technology absorption prescribed by the rules are not applicable.
FOREIGN EXCHANGE
The Company has no foreign exchange outflow or inflow during the year
under review.
ACKNOWLEDGMENTS
Your Directors acknowledge the support and gratitude of the
shareholders, Investors & Bankers. Last but not the least, your
Directors place on record their sense of appropriation of the valuable
contribution made by the employees of the Company.
EMPLOYER EMPLOYEE RELATIONSHIP
The company maintained a cordial relationship with its employees which
resulted in smooth flow of business operations during the period under
review.
DIRECTOR'S RESPONSIBILITY STATEMENT
In accordance with section 217(2AA) of the Companies Act, 1956 the
Directors of the Company hereby state that.
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed.
b) The Directors had selected such accounting policies and applied them
consistently and made judgment 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.
c) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
d) The Directors had prepared the annual accounts on a going concern
basis.
Place: Kolkata For and on behalf of the Board Director
Dated: July 8, 2013. Arun Kumar Agarwalla
Managing Director
CORPORATE GOVERNANCE
1. Company's Philosophy on Code of Governance
The Company's philosophy on Corporate Governance is to enhance the long
term economic value of the company its stakeholders and the society at
large by adopting better corporate practices in fair and transparent
manner by aligning interest of the company with its shareholders and
other key stakeholders. Your Company continues to follow procedures
and practices in conformity with the code of Corporate Governance
outlined in the listing agreement.
2. Board of Directors
* One Managing, Executive and Non Independent director
* Two Non Executive and Non Independent director
* Two Non Executive Independent directors
Detail of attendance of Directors at the Board Meetings and and at the
last Annual General Meeting with particulars of their Directorship and
Chairmanship/Membership of Board/Committees in other companies are
given below:
Sl. Name of Director Category Board Attendance at
No. Meeting Last AGM
01. Arun Kumar Managing Director, 09 Yes
Agarwalla Executive/
Non-independent
Director
02. Sudha Agarwalla Non Executive 09 Yes
Non-Independent
Director
03. Gaurang Agarwalla Non Executive/ 0 No
Non- Independent
Director
04. Anil Kumar Non Executive/ 09 Yes
Meharia Independent
Director
05. Rajesh Kumar Non Executive/ 07 Yes
Routh Independent
Director
Sl. Name of Director No. of Other Committee
No. other position
Directorship Member Chairman
01. Arun Kumar Agarwalla 02 01 02
02. Sudha Agarwalla 02 02 Nil
03. Gaurang Agarwalla 01 Nil Nil
04. Anil Kumar Nil Nil 01
05. Rajesh Kumar Nil 02 Nil
i) Other directorships do not include directorship of private limited
companies, companies registered u/s 25 of Companies Act and of
companies incorporated outside India.
ii) Chairmanship/Membership of Board committees includes Membership of
Audit, Remuneration and shareholders/Investor's grievance committees
only.
iii) No Director is a member of more than 10 committees or chairman of
more than 5 committees across all companies in which he is a Director.
Number of Board Meeting held, dates on which held
Number of Board Meetings Held : 09
Date on which held : 19th April 2012, 30th April 2012,
11th July 2012, 31st July 2012,
10th Aug. 2012, 31st October 2012
2nd Nov. 2012, 7th January ,2013,
and 31st January 2013
3. Audit committee
The Audit committee was set up by the Board of Directors, The terms of
reference of this committee were the matters specified for Audit
committee under clause 49 of the listing Agreement entered into with
the Stock Exchange.
a) Details of the Audit Committee Meetings Held:
Date of Meeting No. of Members Attended
20.06.2012 Three
26.09.2012 Three
27.12.2012 Three
29.03.2013 Three
b) Constitution of the Committee and attendance of each member of the
committee is given below :
Name Designation Non executive/executive Non Committee
Independent/Independent Meetings
Attended
Anil Kr Meharia Chairman Non Executive/Independent Four
Rajesh Kr. Routh Member Non Executive/Independent Four
Sudha Agarwalla Member Non Executive/Non Independent Four
4. Remuneration Committee:
At present the company has not constituted any remuneration committee.
Details regarding remuneration to Executive and Non Executive directors
along with sitting fees are given below:-
Sl. Name of Salary Other Benefits Sitting Total
No. Director Allow fees
-ances
01. Arun Kumar 24,00,000.00 Nil 8,141.00 Nil 24,08,141.00
Agarwalla
5. Shareholder's/Investors Grievance Committees:
The Company has constituted shareholders/Investors Grievance committee
on to look into the redressed of shareholders and investors complaints.
The Composition of the Committee:
Name Designation
Arun Kumar Agarwalla Chairman
Rajesh Kr. Routh Member
Sudha Agarwalla Member
No complaints have been received during the year regarding transfer of
shares and/or non receipt of balance sheet etc.
6. General Body Meetings
Location, Place and time where last three Annual General Meetings were
held is given below:-
Financial Location (Registered Office) Date Time
Year
2011-2012 A-402, Mangalam, 29.09.2012 1.00 PM
24/26 Hemanta Basu Sarani,
Kolkata-700 001
2010-2011 -do- 30.09.2011 1.30 PM
2009-2010 -do- 30.09.2010 1.30 PM
No Special Resolution was put through postal ballot or otherwise last
year or it is proposed this year.
7. Disclosures
There was no transaction of material nature with the Directors or the
Management or their relatives during the year. Details of transactions
with any of the related parties as specified in Accounting Standard
issued by the Institute or Chartered Accountants of India have been
reported in the notes to the Accounts. There was no instance of
non-compliance or any matters related to the capital markets during the
year.
8. Means of Communication
The Annual, Half Yearly and Quarterly results are submitted to the
stock exchanges in accordance with listing agreement and published in
newspapers. These are not sent individually to shareholders.
Management Discussion and Analysis Report is an integral part of annual
report:
9. Management Discussion & Analysis Report
The Company's performance is up beating. The Company does not foresee
any threat in terms of investment policy and return on instrument as
such the company is taking all its offers to overcome such unforeseen
threat and to exceed in the concerned fora. The management is hopeful
in achieving a better result in future.
10. General Shareholders Information
a) Annual General Meeting
Date : 30th September, 2013.
Time : 1.30 PM
Venue : Registered Office;
A-402, Mangalam,
24/26, Hemanta Basu Sarani, Kolkata -700 001
b) Financial year of
the Company : 2012-2013.
c) Book Closure Date : 26th September, 2013 to 30th September, 2013.
(Both day inclusive)
d) Dividend payment
date (if any) : Not recommended
e) Listing on Stock Exchanges :
The Company has listed its shares at - Stock Exchanges as stated below:
Sl.No. Name of Stock Exchanges
01. The Calcutta Stock Exchange
Association Ltd.
ISIN No. for Dematerialization
of Shares : INE 563C01015
f) Market Price Data : Company's Shares are not
frequently traded in any of
the Stock Exchanges.
g) Registrar and share transfer
Agent (for Both Physical and
Dematerialized share transfers) : S.K. Infosolution Pvt. Ltd.
34/1A, Sudhir Chatterjee Street,
Kolkata- 700 006.
All requests received by the Registrar and Share Transfer Agent/Company
for Dematerialisation/Re- materialisation/transfer is disposed off
expeditiously. Share Certificates duly endorsed are issued/transferred
to all those shareholders, who opt for shares in the physical Form.
j) Dematerialization of Shares and liquidity
4691670 Equity Shares i.e 67.93% have been dematerialized upto 31st
March, 2013.
Address for Correspondence:
Registered Office
A-402, Mangalam
24/26, Hemanta Basu Sarani, Kolkata 700 001
Phone: (033)2243-6242/6243
Fax : (033) 2231 - 0835
11. Compliance of Clause 49 pertaining to mandatory requirements &
Auditors Certificate on Corporate Governance:
The Company has complied with all the mandatory requirements on
Corporate Governance as specified in Clause 49 of the Listing Agreement
with the Stock Exchanges.
Mar 31, 2012
Dear Shareholders
The Directors have pleasure in presenting the Annual Report of the
Company together with the Audited Accountants for the year ended 31st
March, 2012.
FINANCIAL RESULTS
PARTICULARS Year ended 31st Year ended 31st
March 2012 March 2011
PROFIT BEFORE TAX 120,13,987.78 322,74,222.51
Less:
Provision for taxation (23,26,007.00) (63,66,479.00)
Provision for Deferred Tax Assets (51,612.00) 108,098.00
Provision for Fringe benefit tax - -
96,36,368.78 260,15,841.51
Less: Excess (Short) Provision
for Income Tax - (207,168.00)
PROFIT AFTER TAX 96,36,368.78 258,08,673.51
Balance Brought Forward 115,375,872.70 895,67,199.19
Less: Transfer to Statutory
Reserve 2,48,37,274.00 -
Less: Provision against
Standard Assets 2,25,748.00 -
Less: Provision against
Doubtful Assets 1,19,09,710.00 -
BALANCE CARRIED TO B/S 8,80,39,509.48 115,375,872.70
DIRECTORS
Mrs Sudha Agarwalla and Mrs. Astha Loyelka, directors of the Company
will retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re- appointment
DIVIDEND
In order to consolidate the Company's financial position, your
directors consider it prudent not to recommend dividend for the year
under review.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the Public in the
meaning of section 58A of the Companies Act, 1956.
EMPLOYEES
There was no employee of the Company Coming under the Purview of
disclosure required under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975. AUDITOR'S
The Auditors of the Company, Messrs S.K. Modi & Associates, Chartered
Accountants, retires at the Conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for reappointment.
CORPORATE GOVERNANCE
The detailed Report on Corporate Governance in terms of Clause 49 of
the Listing Agreement is attached to the Annual Report.
LISTING OF SHARES
The Equity Shares of the Company are listed on The Calcutta Stock
Exchange Association Ltd.
STATUTORY INFORMATION
The Company being basically in the financial section, requirement
regarding the disclosures of particulars of conservation of energy and
technology absorption prescribed by the rules are not applicable.
FOREIGN EXCHANGE
The Company has no foreign exchange outflow or inflow during the year
under review.
ACKNOWLEDGMENTS
Your Directors acknowledge the support and gratitude of the
shareholders, Investors & Bankers. Last but not the least, your
Directors place on record their sense of appropriation of the valuable
contribution made by the employees of the Company.
EMPLOYER EMPLOYEE RELATIONSHIP
The company maintained a cordial relationship with its employees which
resulted in smooth flow of business operations during the period under
review.
DIRECTOR'S RESPONSIBILITY STATEMENT
In accordance with section 217(2AA) of the Companies Act, 1956 the
Directors of the Company hereby state that.
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed.
b) The Directors had selected such accounting policies and applied them
consistently and made judgment 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.
c) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
d) The Directors had prepared the annual accounts on a going concern
basis.
Place: Kolkata For and on behalf of the Board Director
Dated: August 10, 2012. Arun Kumar Agarwalla
Managing Director
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