Mar 31, 2018
To,
The Members of,
Bang Overseas Limited
The Directors take pleasure in presenting their 26th Annual Report of the Company together with the Audited Financial Statement for the year ended 31st March 2018.
FINANCIAL RESULTS:
(Rs. In Lacs)
Description |
Standalone |
Consolidated |
||
Year Ended 31.03.18 |
Year Ended 31.03.17 |
Year Ended 31.03.18 |
Year Ended 31.03.17 |
|
Revenue |
16,881 |
15,907.94 |
18,712 |
17,503.80 |
Other Income |
422 |
331.88 |
444 |
364.38 |
Total Expenditure |
17,303 |
16,239.82 |
19,517 |
17,868.19 |
Earnings before Interest, Depreciation and Tax (EBIDT) |
677 |
938.92 |
1,114 |
1,052.33 |
Less: Interest |
93 |
140.06 |
118 |
162.66 |
Earnings Before Depreciation and Tax (EBDT) |
584 |
798.86 |
996 |
889.67 |
Less: Depreciation |
210 |
217.05 |
214 |
224.39 |
Profit before Tax (PBT) |
374 |
581.81 |
782 |
665.28 |
Less: Adjustment of Exceptional Item |
0.00 |
0.00 |
415 |
79.96 |
Profit/ (Loss) before Tax after Exceptional items |
374 |
581.81 |
367 |
585.32 |
Less: Tax Provision (Current, Deferred, FBT and Earlier Year adjustment) |
44 |
201.59 |
48 |
205.64 |
Profit/(Loss) after Tax (PAT) |
330 |
380.22 |
319 |
379.68 |
PERFORMANCE REVIEW:
Standalone
During the year under review, the Company has achieved revenue of Rs. 16,881 Lacs as against Rs. 15,907.94 Lacs in previous year. The Company has incurred a Net Profit after tax of Rs. 330 Lacs as against Net Profit after tax of Rs. 380.22 Lacs for the corresponding previous financial year. Due to Favourable market conditions, the turnover of your company has been increased. Your directors are hopeful for better sales realization and profit in the next year.
Consolidated
During the year under review, the Company has achieved revenue of Rs. 18,712 Lacs as against Rs. 17,503.80 Lacs in previous year. The Company has incurred a Net profit after tax of Rs. 319.00 Lacs as against Net profit after tax of Rs. 379.68 lacs for the corresponding previous financial year.
DIVIDEND AND TRANSFER TO RESERVES:
In order to conserve the resources for increasing business operations, Your Director do not recommend any dividend for the year under review. No amount is proposed to be transferred to Reserves.
The Register of Members and Share Transfer Books will remain closed from September 22, 2018 to September 28, 2018 (both days inclusive).
The Annual General Meeting of the Company will be held on September 28, 2018.
CHANGE IN THE NATURE OF BUSINESS, IF ANY:
There is no change in the nature of the business during the year.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:
There are no material changes and commitments occurred which affecting the financial position of the Company between the end of the financial year and as on the date of this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYâS OPERATIONS IN FUTURE:
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companyâs operations in future.
INTERNAL FINANCIAL CONTROL:
The Internal Financial Control with reference to financial statements as designed and implemented by the Company are adequate.
During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with the Companies Act, 2013 and Accounting Standard (AS) - 21 on Consolidated Financial Statements read with AS - 23 on Accounting for Investments in Associates, the Audited Consolidated Financial Statement is provided in the Annual Report.
Business Outlook, Operations and Performance are discussed in detail in the Management Discussion & Analysis forming a part of this Report and have not been incorporated here to avoid repetition.
SUBSIDIARY COMPANIES:
During the year under review, your Company has following subsidiaries:
1. Vedanta Creations Limited
2. Bang Europa s.r.o.
3. Bang HK Limited
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of financial statements of subsidiaries, associates and joint venture companies in Form AOC-1 is annexed as Annexure A to this report. The Company does not have any material subsidiary. The policy for determining material subsidiaries framed by the Board of Directors is available on website of the Company at the link http://www.banggroup.com/images/BOL_Policy_ for_Determining_Material_Subsidiary.pdf
The separate audited financial statements in respect of each of the subsidiary companies for the year ended March 31, 2018 is placed on the Companyâs website www.banggroup.com and shall also be kept open for inspection at the Registered Office of the Company. The Company will also make available these documents upon request by any Member of the Company interested in obtaining the same.
DEPOSITS:
During the year under review, your Company did not accept any deposits in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014. No amounts were outstanding which were classified as Deposit under the applicable provisions of the Companies Act, 2013 as on the balance sheet date.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Social Welfare Activities has been an integral part of the Company since inception. The Company is committed to fulfill its social responsibility as a good corporate citizen. In conformity with the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.
In conformity with the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has a CSR Committee which presently comprises of Mr. Brijgopal Bang as Chairman and Mrs. Anuradha Paraskar & Mrs. Swati Sahukara as its members. The Committee is responsible for formulating and monitoring the CSR policy of the Company. CSR activities, as per the provisions of the Companies Act, 2013, may be undertaken by the Company through a registered trust or a registered society. The CSR policy as adopted by the Company can be viewed on the website of the Company viz: http://www.banggroup.com/ images/BOL_CSR_Policy.pdf
As per the provisions of section 135 read with the Section 198 of the Companies Act, 2013, the Company does not have CSR Obligation for the year 2017-18. Accordingly, there has been no meeting of CSR Committee held during the year. The Annual report on the CSR activities undertaken by the Company is annexed to this report as Annexure -B.
AUDITORS AND THEIR REPORTS:
The matters related to Auditors and their Reports are as under:
STATUTORY AUDITORS:
Pursuant to the provision of the section 139 of the Companies Act, 2013 and the rules framed thereunder M/s. Bhatter & Company, Chartered Accountants (Firm Registration No. 131092W), have been appointed as statutory auditors of the Company for an initial term of five years from the conclusion of the 25th Annual General Meeting of the Company held on 29/09/2017, till the conclusion of the 30th Annual General Meeting of the Company, subject to the ratification of their appointment at every Annual General Meeting.
They have confirmed their eligibility under Section 141 of the Act and the Rules framed thereunder. The Board recommended to the members the ratification of the appointment of the statutory auditors for the remaining term on such remuneration as may be fixed by the Board
A resolution seeking their appointments forms part of the Notice convening the 26th Annual General Meeting and the same is recommended for your consideration and approval.
The observations made in the Auditorsâ Report read together with relevant notes thereon are self-explanatory and hence do not call for any further comments under Section 134 of the Companies Act, 2013.
The notes on accounts referred to the Auditorâs Report are self-explanatory and there has been no qualification/remark made thereunder and therefore the same does not call for any further comments/ explanation from the Directors.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:
The Board of Directors of the Company has, in compliance with the provisions of section 204 of the companies Act, 2013, appointed M/s. Kothari H. & Associates, Practicing Company Secretary to carry out secretarial audit of the company for the financial year 2017-18.
Secretarial Audit Report as per Section 204 of Companies Act 2013 is annexed as Annexure C to this report. There are adverse remarks in the said report.
DIRECTORS COMMENT ON SECRETARIAL AUDITORâS ADVERSE REMARKS IN SECRETARIAL AUDIT REPORT:
As the Secretarial Auditors has marked adversely in their report related to composition of the various committees and Maintenance of hundred percent of shareholding of promoter(s) and promoter group in dematerialized form.
At present Company is in compliance with the Regulation 17, 18 and 19 of the SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015 related to the composition of the various committees and the management will make necessary efforts to maintain hundred percent of shareholding of promoter(s) and promoter group in dematerialized form.
SHARE CAPITAL:
The Company has not issued any equity shares with differential rights / sweat equity shares/ employee stock options or not made any provision of its own shares by employees or by trustees for the benefit of employees during the financial year 2017-18
The Company has not made any purchase or provision of its own shares by employees or by trustees for the benefit of employees during the financial year 2017-18.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information relating to conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Companies Act, 2013 is given by way of Annexure D to this Report.
EXTRACTS OF ANNUAL RETURN AND OTHER DISCLOSURES UNDER COMPANIES (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
The Extract of Annual Return in form No. MGT- 9 as per Section 134 (3) (a) of the Companies Act, 2013 read with Rule 8 of Companies (Accounts) Rules, 2014 and Rule 12 of Companies (Management & Administration) Rules, 2014 is annexed hereto as Annexure E forms part of this report.
DIRECTORS & KEY MANAGERIAL PERSONNEL:
A) Changes in Directors and Key Managerial Personnel:
Pursuant to provisions of section 152(6) of the Companies Act, 2013, Mr. Raghvendra Bang retires by rotation at the ensuing Annual General Meeting and, being eligible, offer himself for reappointment.
Mrs. Anuradha Paraskar has been appointed as an Additional Independent Director of the Company with effect from 15.02.2018
in the Board of Directors Meeting held on 14.02.2018 and will be confirmed as Independent Director in the ensuing Annual General Meeting.
Mr. Vijay Ajgaonkar disqualified u/s. 164 of the Companies Act, 2013 As per Ministry of Corporate Affairs (MCA) circular dated 06.09.2017 and therefore he ceased to be director of the Company w.e.f. 06.09.2017.
Mr. Purshottam Bang has vacated the Office of Director with effect from 30.05.2017 under section 167 of the Companies Act, 2013 as he has not attended any Board Meeting during the period of 12 months from the date of the last attended meeting.
B) Declaration by an Independent Director(s) and reappointment, if any:
All Independent Directors have given declarations that they meet the criteria of independence as laid down sub- section (6) of section 149 of the Companies Act, 2013 and regulation 16(b) of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015.
C) Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 read with rules thereunder and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee.
While independent directors in their separate meeting have carried out to assess the performance of Chairman & MD and other Directors of the Board more particularly about their business acumen and contribution to the Company, the performance evaluation of the Independent Directors was carried out by the entire Board.
The Independent Directors expressed their satisfaction with the evaluation process, functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of duties, obligations, responsibilities and governance.
D) Familiarization Program for the Independent Directors:
In compliance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has put in place a Familiarization Programme for Independent Directors to familiarize them with the working of the Company, their roles, rights and responsibilities vis-a-vis the Company, the industry in which the Company operates business model etc. Details of the Familiarization Programme are explained in the Corporate Governance report and also available at http://www. banggroup.com/images/Details_of_Familiarization_Programme_ imparted_to_Independent_Directors.pdf
NUMBER OF MEETINGS OF THE BOARD:
The Board met five times during the financial year, the details of which are given in the Corporate Governance report that forms part of this Annual Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
Additionally, during the financial year ended March 31, 2018 a separate meeting of the Independent Directors was held in compliance with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
PARTICULARS OF LOANS, GUARANTEES & INVESTMENTS UNDER SECTION 186:
The company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013.
The details of the investments made by company is given in the notes to the financial statements.
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
In line with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has formulated a Policy on Related Party Transactions which is also available on Companyâs website at the link http://www. banggroup.com/images/policies/BOL_Policy_on_Related_party_ transaction.pdf
The policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.
This Policy specifically deals with the review and approval of Material Related Party Transactions keeping in mind the potential or actual conflicts of interest that may arise because of entering into these transactions. All Related Party Transactions are placed before the Audit Committee for review and approval and wherever applicable omnibus approvals are obtained for Related Party Transactions. A statement of all such related party transactions is presented before the Audit Committee on a quarterly basis, specifying the nature and value of these transactions.
Particulars of contracts or arrangements with related parties referred to in section 188(1) of the companies act, 2013, in the prescribed Form AOC-2 is appended as Annexure F to the Board Report.
PARTICULARS OF EMPLOYEES:
The information as required under the provisions of Section 197(12) of the Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as Annexure G
During the financial year 2017-18, there were no employee in the Company whose particulars are required to be given in terms of Section 197 (12) of the Act, read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
VIGIL MECHANISM:
The Board has framed a Whistle Blower Policy/ Vigil Mechanism which is in line with the provisions of section 177 of the Companies Act, 2013 read with Regulation 22 of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. Further details in respect of the vigil mechanism are provided in the corporate governance report which forms part of Annual Report.
NOMINATION AND REMUNERATION COMMITTEE:
The Board has framed a Nomination and Remuneration Committee in accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly refer section on Corporate Governance, under the head, âNomination Remuneration Committeeâ for matters relating to constitution, meetings, functions of the Committee and the remuneration policy formulated by this Committee. The Nomination & Remuneration policy is annexed hereto as Annexure H and forms part of this report.
AUDIT COMMITTEE:
An Audit Committee is in existence in accordance with the provisions of Section 177 of the Companies Act, 2013 Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly refer to the section on Corporate Governance, under the head, âAudit Committeeâ for matters relating to constitution, meetings and functions of the Committee.
STAKEHOLDERS RELATIONSHIP COMMITTEE:
A Stakeholders Relationship Committee is in existence in accordance with the provisions of section 178 of the Companies Act, 2013 and Regulation 20 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 Kindly refer to the section on Corporate Governance, under the head, âStakeholders Relationship Committeeâ for matters relating to constitution, meetings and functions of the Committee.
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI. The Company has implemented several best corporate governance practices as prevalent globally.
Your Company has complied with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 regarding Corporate Governance. A Report on the Corporate Governance and Practicing Company Secretaryâs Certificate on Compliance of Corporate Governance are annexed as a part of this Annual Report for the information of the Shareholderâs. The Company has also obtained the requisite certificate from the Managing Director of the Company. The Managing Directorâs declaration regarding Compliance with Companyâs Code of Conduct for Directors and Senior Management Personnel forms a part of the Report on Corporate Governance.
LISTING:
At present, the Companyâs Equity Shares are listed at National Stock Exchange of India Limited and BSE Limited and the Company has paid the Listing fees to the above Exchanges for the year 2018-19.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis of the financial condition and results of the operations of the Company for the year under review, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 with the Stock Exchanges. is presented in a separate section forming part of the Annual Report.
DIRECTORSâ RESPONSIBILITY STATEMENT:
Pursuant to Section 134(3)(C) of the Companies Act, 2013 the Board of Directors of the Company confirms that-
a. In preparation of the Annual Accounts for the year ended March 31, 2018, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b. The Directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the loss of the company for the year ended on that date;
c. The Directors had 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;
d. The Directors had prepared the Annual Accounts on a going concern basis; and
e. 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.
f. 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.
RISK MANAGEMENT:
Your Company recognizes that risk is an integral part of business and is committed to managing the risks in a proactive and efficient manner. Your Company periodically assesses risks in the internal and external environment, along with the cost of rating risks and incorporates risk treatment plans in strategy, business and operational plans.
As per Section 134(3)(n) of the Companies Act, 2013, The Board of Directors have approved the Risk Management Policy for the company. Some of the risks which may pose challenges are set out in Management Discussion and Analysis Report which forms part of this report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT 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 there under. During the financial year 2017-18, the Company has received nil complaints on sexual harassment.
INTERNAL CONTROLS OVER FINANCIAL REPORTING (ICFR):
The Company has in place adequate internal financial controls commensurate with the size, scale and complexity of its operations. During the year such controls were tested and no reportable material weakness in the design or operations were observed. The Company has policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.
INDIAN ACCOUNTING STANDARDS (IND AS) - IFRS CONVERGED STANDARDS:
Indian Accounting Standard (Ind AS) As mandated by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (âInd ASâ) from 1st April, 2017 with a transition date of 1st April, 2016. The financial results for the year 2017-18 have been prepared in accordance with Ind AS, prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other recognized accounting practices and policies to the extent applicable. The Financial Results for all the periods of 2017-18 presented have been prepared in accordance with Ind AS. The Company has adopted âIND ASâ for the first time with effect from April 01, 2017, with the comparatives for the periods ending March 31, 2017.
SECRETARIAL STANDARDS:
Pursuant to the approval given on 10th April, 2015 by the Central Government to the Secretarial Standards specified by the Institute of Company Secretaries of India, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) came into effect from 1st July, 2015. The said standards were further amended w.e.f. 1st October, 2017. The Company is in compliance with the same.
ACKNOWLEDGEMENT:
The Director sincerely appreciates the contributions made by all the employees, associates and business partners who have contributed towards the success of the Company. The Directors place on record their gratitude for the continuing support of Shareholders, bankers and Business associates at all levels.
For and on behalf of the board of directors
Sd/-
Brijgopal Bang
Place: Mumbai DIN: 00112203
Date: August 13, 2018 Chairman & Managing Director
Mar 31, 2016
DIRECTORS'' REPORT
To the Members,
Your Directors take pleasure in presenting their 24th Annual Report of the Company together with the Audited Financial Statement for the year ended 31st March 2016.
FINANCIAL RESULTS
(Rs, In Lacs)
Description |
Standalone |
Consolidated |
||
Year ended 31.03.2016 |
Year ended 31.03.2015 |
Year ended 31.03.2016 |
Year ended 31.03.2015 |
|
Revenue |
14608.76 |
12888.54 |
16038.92 |
14895.93 |
Other Income |
299.33 |
278.41 |
333.55 |
326.46 |
Total Expenditure |
14150.04 |
12980.71 |
15554.4 |
14972.67 |
Earnings before Interest, Depreciation and Tax (EBIDT) |
758.06 |
186.24 |
818.08 |
249.73 |
Less: Interest |
450.45 |
484.79 |
498.69 |
543.71 |
Earnings Before Depreciation and Tax (EBDT) |
307.61 |
(298.55) |
319.39 |
(293.98) |
Less: Depreciation |
201.62 |
264.06 |
216.50 |
297.27 |
Profit before Tax (PBT) |
105.99 |
(562.61) |
102.89 |
(591.25) |
Less: Adjustment of Exceptional Item |
0.00 |
0.00 |
0.00 |
0.00 |
Profit/ (Loss) before Tax after Exceptional items |
105.99 |
(562.61) |
102.89 |
(591.25) |
Less: Tax Provision (Current, Deferred, FBT and Earlier Year adjustment) |
(10.80) |
(30.67) |
(11.08) |
(31.83) |
Profit/(Loss) after Tax (PAT) |
116.79 |
(531.94) |
113.97 |
(559.42) |
PERFORMANCE REVIEW Standalone
During the year under review, the Company has achieved revenue of Rs. 14608.76 Lacs as against Rs. 12888.54 Lacs in previous year. The Company has incurred a Net Profit after-tax of Rs. 116.79 Lacs as against Net loss after tax of Rs. 531.94 lacs for the corresponding previous financial year. Due to Favorable market conditions, the turnover of your company has been increased. Your directors are hopeful for better sales realization and profit in the next year.
Consolidated
During the year under review, the Company has achieved revenue of Rs. 16038.92 Lacs as against Rs. 14895.93 Lacs in previous year. The Company has incurred a Net profit after-tax of Rs. 113.97 Lacs as against Net Loss after tax of Rs.559.42 lacs for the corresponding previous financial year.
DIVIDEND AND TRANSFER TO RESERVES
In order to conserve the resources for increasing business operations, Your Director do not recommend any dividend for the year under review. No amount is proposed to be transferred to Reserves.
The Register of Members and Share Transfer Books will remain closed from September 23, 2016 to September 29, 2016 (both days inclusive). The Annual General Meeting of the Company will be held on September 29,2016.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There is no change in the nature of the business during the year.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT.
The company has disposed off its wholly owned subsidiary M/s. A. S.
Raiment Private Limited with effect from 02.06.2016, whose accounts are consolidated in the Consolidated Audited Financial Statement of the company as on March 31,2016.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYâS OPERATIONS IN FUTURE
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companyâs operations in future.
INTERNAL FINANCIAL CONTROL:
The Internal Financial Control with reference to financial statements as designed and implemented by the Company are adequate.
During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Companies Act, 2013 and Accounting Standard (AS) - 21 on Consolidated Financial Statements read with AS - 23 on Accounting for Investments in Associates, the Audited Consolidated Financial Statement is provided in the Annual Report.
Business Outlook, Operations and Performance are discussed in detail in the Management Discussion & Analysis forming a part of this Report and have not been incorporated here to avoid repetition.
SUBSIDIARY COMPANIES:
During the year under review, your Company has following subsidiaries:
1. Vedanta Creations Limited
2. A. S. Raiment Private Limited
3. BangEuropas.r.o.
4. Bang HK Limited
M/s. A. S. Raiment Private Limited, ceased to be a wholly owned subsidiary of the company on account of disposal as on 02.06.2016.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of financial statements of subsidiaries, associates and joint venture companies in Form AOC-1 is attached to the Notes forming a part of consolidated financial statement. The Company does not have any material subsidiary. The policy for determining material subsidiaries framed by the Board of Directors is available on website of the Company at the link http:// www.banggroup.com/ images/ BOL_Policy_for_ Determining_ Material_Subsidiary.pdf
The separate audited financial statements in respect of each of the subsidiary companies for the year ended March 31, 2016 is placed on the Companyâs website www.banggroup.com and shall also be kept open for inspection at the Registered Office of the Company. The Company will also make available these documents upon request by any Member of the Company interested in obtaining the same.
DEPOSITS
During the year under review, your Company did not accept any deposits in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014. No amounts were outstanding which were classified as Deposit under the applicable provisions of the Companies Act, 2013 as on the balance sheet date.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 is currently not applicable to Company
STATUTORY AUDITORS
Pursuant to the provision of the section 139 of the Companies Act, 2013 and the rules framed there under M/s. Rajendra K. Gupta & Associates, Chartered Accountants, Mumbai, (Registration No. 108373W), were appointed as statutory auditors of the Company from the conclusion of the 22nd Annual General Meeting of the Company held on 29/09/2014, till the conclusion of the 25th Annual General Meeting for the of the Company, subject to the ratification of their appointment at every Annual General Meeting.
The Board recommended to the members the ratification of the appointment of the statutory auditors for the remaining term on such remuneration as may be fixed by the Board.
DIRECTORS COMMENT ON AUDITORâS QUALIFICATION & ADVERSE REMARK IN AUDITORâS REPORT:
The Auditors has made modified opinion and marked adversely in their report in the para (i)(a) and (i)(b) in respect of the report under Companies (Auditorâs Report) Order, 2015.
The Directors comment on these modified opinion and remarks as- The management will make necessary efforts to maintain the quantitative details and situation of fixed assets and also to physically verify the same at reasonable intervals.
SHARE CAPITAL
The paid up Equity Share Capital is 1356 Lakhs. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity nor made any provision for purchase of its own shares by employees or by trustees for the benefit of employees.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information relating to conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Companies Act, 2013 is given by way of Annexure A to this Report.
EXTRACTS OF ANNUAL RETURN AND OTHER DISCLOSURES UNDER COMPANIES (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
The Extract of Annual Return in form No. MGT- 9 as per Section 134 (3) (a) of the Companies Act, 2013 read with Rule 8 of Companies (Accounts) Rules, 2014 and Rule 12 of Companies (Management & Administration) Rules, 2014 is annexed hereto as Annexure B forms part of this report.
DIRECTORS& KEY MANAGERIAL PERSONNEL
A) Changes in Directors and Key Managerial Personnel
Ms. HemaliGohil has resigned from the post of Company Secretary w. e. f. 31st December, 2015 and Ms. Trupti Limbasiya has been appointed as Company Secretary of the Company w. e. f. 1st January, 2016.
None of the Directors of the Company is disqualified under Section 164(2) of the Companies Act, 2013.
Pursuant to provisions of section 152(6) of the Companies Act, 2013, Mr. Purshottam Bang retires by rotation at the ensuing Annual General Meeting and, being eligible, offer himself for reappointment.
B) Declaration by an Independent Director(s) and re- appointment, if any
All Independent Directors have given declarations that they meet the criteria of independence as laid down sub- section (6) of section 149 of the Companies Act, 2013 and regulation 16(b) of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015.
C) Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 read with rules there under and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee.
While independent directors in their separate meeting have carried out to assess the performance of Chairman & MD and other Directors of the Board more particularly about their business acumen and contribution to the Company, the performance evaluation of the Independent Directors was carried out by the entire Board.
The Independent Directors expressed their satisfaction with the evaluation process, functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of duties, obligations, responsibilities and governance.
NUMBER OF MEETINGS OF THE BOARD
The Board met Four times during the financial year, the details of which are given in the Corporate Governance report that forms part of this Annual Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
Additionally, during the financial year ended March 31, 2016 a separate meeting of the Independent Directors was held in compliance with the requirements of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015
PARTICULARS OF LOANS, GUARANTEES & INVESTMENTS UNDER SECTION 186:
The company has not given any loans or guarantees covered under the provisions of section 186 of the Companies Act, 2013.
The details of the investments made by company is given in the notes to the financial statements.
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
In line with the requirements of the Companies Act, 2013 and (erstwhile clause 49 of the Listing Agreement) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has formulated a Policy on Related Party Transactions which is also available on Companyâs website at the link http://www.banggroup.com/ images/policies/BOL_Policy_on_Related_party_transaction.pdf
The policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.
This Policy specifically deals with the review and approval of Material Related Party Transactions keeping in mind the potential or actual conflicts of interest that may arise because of entering into these transactions. All Related Party Transactions are placed before the Audit Committee for review and approval and wherever applicable omnibus approvals are obtained for Related Party Transactions. A statement of all such related party transactions is presented before the Audit Committee on a quarterly basis, specifying the nature and value of these transactions.
All Related Party Transactions entered during the year were in Ordinary Course of the Business and on Armâs Length basis. No Material Related Party Transactions, i.e. transactions exceeding ten percent of the annual consolidated turnover as per the last audited financial statements, were entered during the year by your Company. Since all related party transactions entered into by the Company were in the ordinary course of business and were on an armâs length basis, the disclosure under form AOC-2 is not furnished. However, the Directors draw attention of the members to Notes to the standalone financial statement which sets out related party disclosures
SECRETARIALAUDITORAND SECRETARIAL AUDIT REPORT
The Board of Directors of the Company has, in compliance with the provisions of section 204 of the companies Act, 2013, appointed M/s. Kothari H. & Associates, Practicing Company Secretary to carry out secretarial audit of the company for the financial year 2015-16.
Secretarial Audit Report as per Section 204 of Companies Act 2013 is annexed as Annexure C to this report. No adverse comments have been made in the sand report by the Practicing Company Secretary.
PARTICULARS OF EMPLOYEES
The information as required under the provisions of Section 197(12) of the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as Annexure D
During the financial year 2015-16, there were no employee in the Company whose particulars are required to be given in terms of Section 197 (12) of the Act, read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
VIGIL MECHANISM:
The Board has framed a Whistle Blower Policy/ Vigil Mechanism which is in line with the provisions of section 177 of the Companies Act, 2013 read with Regulation 22 of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. Further details in respect of the vigil mechanism is provided in the corporate governance report which forms part Annual Report.
NOMINATION AND REMUNERATION COMMITTEE
The Board has framed a Nomination and Remuneration Committee in accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly refer section on Corporate Governance, under the head, âNomination Remuneration Committeeâ for matters relating to constitution, meetings, functions of the Committee and the remuneration policy formulated by this Committee. The Nomination & Remuneration policy is annexed hereto as Annexure E and forms part of this report.
AUDIT COMMITTEE
An Audit Committee is in existence in accordance with the provisions of Section 177 of the Companies Act, 2013 Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly refer to the section on Corporate Governance, under the head, âAudit Committeeâ for matters relating to constitution, meetings and functions of the Committee.
STAKEHOLDERS RELATIONSHIP COMMITTEE
A Stakeholders Relationship Committee is in existence in accordance with the provisions of section 178 of the Companies Act, 2013 and Regulation 20 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 Kindly refer to the section on Corporate Governance, under the head, âStakeholders Relationship Committeeâ for matters relating to constitution, meetings and functions of the Committee.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI. The Company has implemented several best corporate governance practices as prevalent globally.
Your Company has complied with the requirements of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 regarding Corporate Governance. A Report on the Corporate Governance and Practicing Company Secretaryâs Certificate on Compliance of Corporate Governance are annexed as a part of this Annual Report for the information of the Shareholderâs. The Company has also obtained the requisite certificate from the Managing Director of the Company. The Managing Directorâs declaration regarding Compliance with Companyâs Code of Conduct for Directors and Senior Management Personnel forms a part of the Report on Corporate Governance.
LISTING
At present, the Companyâs Equity Shares are listed at National Stock Exchange of India Limited and BSE Limited and the Company has paid the Listing fees to the above Exchanges for the year 2016-17.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis of the financial condition and results of the operations of the Company for the year under review, as stipulated under SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 with the Stock Exchanges., is presented in a separate section forming part of the Annual Report.
DIRECTORS â RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(C) of the Companies Act, 2013 the Board of Directors of the Company confirms that-
a. In preparation of the Annual Accounts for the year ended March 31, 2016, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b. The Directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the loss of the company for the year ended on that date;
c. The Directors had 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;
d. The Directors had prepared the Annual Accounts on a going concern basis; and
e. 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.
f. 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.
RISK MANAGEMENT
Your Company recognizes that risk is an integral part of business and is committed to managing the risks in a proactive and efficient manner. Your Company periodically assesses risks in the internal and external environment, along with the cost of rating risks and incorporates risk treatment plans in strategy, business and operational plans.
As per Section 134(3)(n) of the Companies Act, 2013, The Board of Directors have approved the Risk Management Policy for the company. Some of the risks which may pose challenges are set out in Management Discussion and Analysis Report which forms part of this report.
and the rules framed there under. During the financial year 2015-16, the Company has received nil complaints on sexual harassment.
ACKNOWLEDGEMENT
The Director sincerely appreciates the contributions made by all the employees, associates and business partners who have contributed towards the success of the Company. The Directors place on record their gratitude for the continuing support of Shareholders, bankers and Business associates at all levels.
For and on behalf of the board of directors
BRIJGOPAL BANG
(DIN: 00112203)
CHAIRMAN & MANAGING DIRECTOR
Place: Mumbai
Date: August 12,2016
Mar 31, 2015
Dear Members,
The Directors take pleasure in presenting their 23rd Annual Report of
the Company together with the Audited Financial Statement for the year
ended 31st March 2015.
FINANCIAL RESULTS
( Rs. In Lacs)
Description Standalone
Year ended Year ended
31.03.2015 31.03.2014
Revenue 12888.54 16337.55
Other Income 278.41 311.58
Total Expenditure 12980.71 15816.79
Earnings before Interest, 186.24 832.34
Depreciation and Tax (EBIDT)
Less: Interest 484.79 486.60
Earnings Before Depreciation (298.55) 345.74
and Tax (EBDT)
Less: Depreciation 264.06 124.29
Profit before Tax (PBT) (562.61) 221.45
Less: Adjustment of Exceptional 0.00 1850.24
Item
Profit/ (Loss) before Tax after (562.61) (1628.79)
Exceptional items
Less: Tax Provision (Current, (30.67) (8.48)
Deferred, FBT and Earlier Year
adjustment)
Profit/(Loss) after Tax (PAT) (531.94) (1620.31)
Description Consolidated
Year ended Year ended
31.03.2015 31.03.2014
Revenue 14884.87 19528.73
Other Income 337.53 433.32
Total Expenditure 14972.67 19159.23
Earnings before Interest, 249.73 802.82
Depreciation and Tax (EBIDT)
Less: Interest 543.71 531.00
Earnings Before Depreciation (293.98) 271.82
and Tax (EBDT)
Less: Depreciation 297.27 141.15
Profit before Tax (PBT) (591.25) 130.67
Less: Adjustment of Exceptional 0.00 1850.69
Item
Profit/ (Loss) before Tax after (591.25) (1720.02)
Exceptional items
Less: Tax Provision (Current, (31.83) (11.22)
Deferred, FBT and Earlier Year
adjustment)
Profit/(Loss) after Tax (PAT) (559.42) (1708.80)
PERFORMANCE REVIEW
Stand Alone
During the year under review, the Company has achieved revenue of Rs.
12888.54 Lacs as against Rs. 16337.55 Lacs in previous year. The
Company has incurred a Net loss after tax of Rs. 531.94 Lacs as against
Net loss after tax of Rs. 1620.31 lacs for the corresponding previous
financial year. Due to adverse market conditions, the turnover of your
company has been decreased. Your Directors are hopeful for better sales
realisation and profit in the next year.
Consolidated
During the year under review, the Company has achieved revenue of Rs.
14884.87 Lacs as against Rs. 19528.73 Lacs in previous year. The
Company has incurred a Net loss after tax of Rs. 559.42 Lacs as against
Net Loss after tax of Rs. 1708.80 lacs for the corresponding previous
financial year.
DIVIDEND AND TRANSFER TO RESERVES
In view of the business loss incurred during the year, your Director's
do not recommend any dividend for the year 2014-15. No amount is
transferred to reserves.
The Register of Members and Share Transfer Books will remain closed
from September 24, 2015 to September 29, 2015 (both days inclusive).
The Annual General Meeting of the Company will be held on September 29,
2015.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There is no change in the nature of the business during the year.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR OF THE COMPANY TO WHICH THE
FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT.
There is no material changes and commitments occurred which affecting
the financial position of the Company between the end of the financial
year and as on the date of this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS
IN FUTURE
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 FINANCIAL CONTROL:
The Internal Financial Control with reference to financial statements
as designed and implemented by the Company are adequate.
During the year under review, no material or serious observation has
been received from the Internal Auditors of the Company for
inefficiency or inadequacy of such controls.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Companies Act, 2013 and Accounting Standard (AS)
- 21 on Consolidated Financial Statements read with AS - 23 on
Accounting for Investments in Associates, the Audited Consolidated
Financial Statement is provided in the Annual Report.
Business Outlook, Operations and Performance are discussed in detail in
the Management Discussion & Analysis forming a part of this Report and
have not been incorporated here to avoid repetition.
SUBSIDIARY COMPANIES:
During the year under review, your Company has following subsidiaries:
1. Vedanta Creations Limited
2. A.S. Raiment Pvt Ltd.
3. Bang Europa s.r.o.
4. Bang HK Limited
There is no change in the subsidiaries of the Company during the year
under review.
Pursuant to the provisions of Section 129(3) of the Companies Act,
2013, a statement containing salient features of financial statements
of subsidiaries, associates and joint venture companies in Form AOC-1
is attached to the Notes forming a part of consolidated financial
statement. The Company does not have any material subsidiary. The
policy for determining material subsidiaries framed by the Board of
Directors is available on website of the Company at the link
http://www.banggroup.com/images/policies/Policy%20for%20Determin
ing%20Material%20Subsidiaries BOL.pdf
The separate audited financial statements in respect of each of the
subsidiary companies for the year ended March 31, 2015 is placed on the
Company's website www.banggroup.com and shall also be kept open for
inspection at the Registered Office of the Company. The Company will
also make available these documents upon request by any Member of the
Company interested in obtaining the same.
DEPOSITS
The Company does not have "Deposits" as contemplated under Chapter V of
the Companies Act, 2013. Further, the Company has not invited or
accepted any such deposits during the year ended March 31,2015.
STATUTORY AUDITORS
At the Annual General Meeting, Members are requested to ratify the
appointment of M/s. Rajendra K. Gupta & Associates, Chartered
Accountants, Mumbai, (Registration No. 108373W) as Auditors of the
Company made by resolution passed at the 22nd Annual General Meeting of
the Company, to hold office from the conclusion of the 22nd Annual
General Meeting until the conclusion of the 25th Annual General
Meeting, for the balance term and accordingly they continue to hold
office from the conclusion of the 23rd Annual General Meeting until the
conclusion of the 25th Annual General Meeting on such remuneration as
may be fixed by the Board.
DIRECTORS COMMENT ON AUDITOR'S QUALIFICATION & ADVERSE REMARK IN
AUDITOR'S REPORT:
The Auditors has made qualification and marked adversely in their
report in the para (i)(a) and (i)(b) in respect of the report under
Companies (Auditor's Report) Order, 2015.
The Directors comment on these qualification and remarks as- The
management will make necessary efforts to maintain the quantitative
details and situation of fixed assets and also to physically verify the
same at reasonable intervals.
SHARE CAPITAL
The paid up Equity Share Capital as on March 31,2015 was Rs. 1356
Lakhs. During the year under review, the Company has not issued shares
with differential voting rights nor granted stock options nor sweat
equity nor made any provision for purchase of its own shares by
employees or by trustees for the benefit of employees.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information relating to conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo as required under Section
134(3)(m) of the Companies Act, 2013 is given by way of Annexure A to
this Report.
EXTRACTS OF ANNUAL RETURN AND OTHER DISCLOSURES UNDER COMPANIES
(APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
The Extract of Annual Return in form No. MGT- 9 as per Section 134 (3)
(a) of the Companies Act, 2013 read with Rule 8 of Companies (Accounts)
Rules, 2014 and Rule 12 of Companies (Management & Administration)
Rules, 2014 is annexed hereto as Annexure B and forms part of this
report.
DIRECTORS
A) Changes in Directors and Key Managerial Personnel
During the Financial year, Mr. Mithilesh Kumar Sinha, an Independent
Director of the Company resigned as director w.e.f. November 03, 2014.
The Board has placed on record its appreciation for the outstanding
contribution made by Mr. Mithilesh Kumar Sinha during his tenure of
office.
Pursuant to Section 149 of the Companies Act, 2013 and Clause 49 of the
Listing agreement, the Board at its meeting held on February 02, 2015
appointed Mrs. Swati Sahukara as an additional independent Director.
Ms. Nishi Vijay Vargiya has resigned from the post of Company Secretary
w.e.f. June 30, 2014 and Ms. Hemali Gohil has been appointment as
Company Secretary of the Company w.e.f. September 22, 1014.
None of the Directors of the Company is disqualified under Section
164(2) of the Companies Act, 2013.
Pursuant to provisions of section 152(6) of the Companies Act, 2013,
Mr. Raghvendra Bang retires by rotation at the ensuing Annual General
Meeting and, being eligible, offer himself for reappointment.
B) Declaration by an Independent Director(s) and re- appointment, if
any
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
C) Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out the annual performance
evaluation of its own performance, the Directors individually as well
as the evaluation of the working of its Audit Committee, Nomination and
Remuneration Committee and Stakeholders Relationship Committee.
While independent directors in their separate meeting have carried out
to assess the performance of Chairman & MD and other Directors of the
Board more particularly about their business acumen and contribution to
the Company, the performance evaluation of the Independent Directors
was carried out by the entire Board.
The Independent Directors expressed their satisfaction with the
evaluation process, functioning such as adequacy of the composition of
the Board and its Committees, Board culture, execution and performance
of duties, obligations, responsibilities and governance.
NUMBER OF MEETINGS OF THE BOARD
The Board met five times during the financial year, the details of
which are given in the Corporate Governance report that forms part of
this Annual Report. The intervening gap between the Meetings was within
the period prescribed under the Companies Act, 2013.
Additionally, during the financial year ended March 31, 2015 a separate
meeting of the Independent Directors was held in compliance with the
requirements of the Companies Act, 2013 and Clause 49(II)(B)(6) of the
Listing Agreement.
PARTICULARS OF LOANS, GUARANTEES & INVESTMENTS UNDER SECTION 186:
The company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.
The details of the investments made by company is given in the notes to
the financial statements.
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All the transactions/contracts/arrangements of the nature as specified
in Section 188(1) of the Companies Act, 2013 entered by the Company
during the year under review with related party (/ies) are in the
ordinary course of business and on arms' length basis. Hence, Section
188(1) is not applicable and consequently no particulars in form AOC-2
have been furnished. Related Party transaction policy is posted on the
website of the company and is available at http:// www.banggroup.com
/images / policies / Policy%20on%20Related%20Party%20Transactions
BOL.pdf
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
The Board of Directors of the Company has, in compliance with the
provisions of section 204 of the companies Act, 2013, appointed Mr.
Hitesh Kothari, Partner, Kothari H. & Associates, Practicing Company
Secretary to carry out secretarial audit of the company for the
financial year 2014-15.
Secretarial Audit Report as per Section 204 of Companies Act 2013 is
annexed as Annexure C to this report. No adverse comments have been
made in the said report by the Practicing Company Secretary.
PARTICULARS OF EMPLOYEES
The information as required under the provisions of Section 197(12) of
the Companies Act, 2013 and Rule 5 (1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, are set out in
Annexure D hereto, which forms part of this report.
During the financial year 2014-15, there were no employee in the
Company whose particulars are required to be given in terms of Section
197 (12) of the Act, read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
However, in accordance with the provisions contained in the proviso to
Section 136(1) of the Companies Act, 2013, the aforesaid particulars
are not being sent as a part of this Annual Report. Any Member
interested in obtaining a copy of the same may write to the Company
Secretary at the registered office of the Company.
VIGIL MECHANISM:
The Board has framed a Whistle Blower Policy/ Vigil Mechanism which is
in line with the provisions of section 177 of the Companies Act, 2013
read with Clause 49 of the Listing Agreement. Further details in
respect of the vigil mechanism is provided in the corporate governance
report which forms part Annual Report.
NOMINATION AND REMUNERATION COMMITTEE
The Board has framed a Nomination and Remuneration Committee in
accordance with the provisions of Section 178 of the Companies Act,
2013 and Clause 49 of the Listing Agreement. Kindly refer section on
Corporate Governance, under the head, 'Nomination and Remuneration
Committee' for matters relating to constitution, meetings, functions of
the Committee and the remuneration policy formulated by this Committee.
The Nomination & Remuneration policy is annexed hereto as Annexure E
and forms part of this report.
AUDIT COMMITTEE
An Audit Committee is in existence in accordance with the provisions of
Section 177 of the Companies Act, 2013 and Clause 49 of the listing
agreement. Kindly refer to the section on Corporate Governance, under
the head, 'Audit Committee' for matters relating to constitution,
meetings and functions of the Committee.
STAKEHOLDERS RELATIONSHIP COMMITTEE
A Stakeholders Relationship Committee is in existence in accordance
with the provisions of section 178 of the Companies Act, 2013. Kindly
refer to the section on Corporate Governance, under the head,
'Stakeholders Relationship Committee' for matters relating to
constitution, meetings and functions of the Committee.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out
by SEBI. The Company has implemented several best corporate governance
practices as prevalent globally.
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement regarding Corporate Governance. A Report on the
Corporate Governance and Practicing Company Secretary's Certificate on
Compliance of Corporate Governance are annexed as a part of this Annual
Report for the information of the Shareholder's. The Company has also
obtained the requisite certificate from the Managing Director of the
Company. The Managing Director's declaration regarding Compliance with
Company's Code of Conduct for Directors and Senior Management Personnel
forms a part of the Report on Corporate Governance.
LISTING
At present, the Company's Equity Shares are listed at National Stock
Exchange of India Limited and BSE Limited and the Company has paid the
Listing fees to the above Exchanges for the year 2015-16.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(C) of the Companies Act, 2013 the Board of
Directors of the Company confirms that-
a. In preparation of the Annual Accounts for the year ended March 31,
2015, the applicable accounting standards have been followed along with
proper explanation relating to material departures;
b. The Directors had selected such Accounting Policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the loss of the
company for the year ended on that date;
c. The Directors had 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;
d. The Directors had prepared the Annual Accounts on a going concern
basis; and
e. 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.
f. 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.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis of the financial condition and
results of the operations of the Company for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges., is presented in a separate section forming part of the
Annual Report.
RISK MANAGEMENT
Your Company recognizes that risk is an integral part of business and
is committed to managing the risks in a proactive and efficient manner.
Your Company periodically assesses risks in the internal and external
environment, along with the cost of rating risks and incorporate risk
treatment plans in strategy, business and operational plans.
As per Section 134(3)(n) of the Companies Act, 2013, The Board of
Directors have approved the Risk Management Policy for the company.
Some of the risks which may pose challenges are set out in Management
Discussion and Analysis Report which forms part of this report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT 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 there under. During the
financial year 2014-15, the Company has received nil complaints on
sexual harassment.
ACKNOWLEDGMENT
The Director sincerely appreciates the contributions made by all the
employees, associates and business partners who have contributed
towards the success of the Company. The Directors place on record their
gratitude for the continuing support of Shareholders, bankers and
Business associates at all levels.
For and on behalf of the board of directors
BRIJGOPAL BANG
(DIN: 00112203)
CHAIRMAN & MANAGING DIRECTOR
Place: Mumbai
Date: August 14, 2015
Mar 31, 2014
To the Members,
The Directors take pleasure in presenting their 22nd Annual Report of
the Company together with the Audited Financial Statement for the year
ended 31st March 2014.
FINANCIAL RESULTS (Rs. In Lacs)
Description Stand Alone Consolidated
Year Ended Year Year Ended Year
31.03.14 Ended 31.03.14 Ended
31.03.13 31.03.13
Revenue 16337.55 23659.28 19528.73 27196.61
Other Income 311.58 373.85 433.32 422.35
Total Expenditure 15816.79 23120.92 19159.23 26581.7
Earnings before Interest,
Depreciation and Tax (EBIDT) 832.34 912.21 802.82 1037.26
Less: Interest 486.60 474.09 531.00 534.15
Earnings Before Depreciation
and Tax (EBDT) 345.74 438.12 271.82 503.11
Less: Depreciation 124.29 124.92 141.15 142.58
Profit before Tax (PBT) 221.45 313.20 130.67 360.53
Less: Adjustment of
Exceptional Item 1850.24 0.00 1850.69 0.00
Profit/(Loss) before Tax after
Exceptional items (1628.79) 313.20 (1720.02) 360.53
Less: Tax Provision (Current,
Deferred, FBT and Earlier Year
adjustment) (8.48) 211.65 (11.22) 229.68
Profit/(Loss) after Tax (1620.31) 101.55 (1708.80) 130.85
PERFORMANCE REVIEW
Stand Alone
During the year under review, the Company achieved revenue of Rs.
16337.55 Lacs as against Rs.23659.28 Lacs in previous year. The Company
has incurred a Net loss aftertax of Rs. 1620.31 Lacs as against Net
Profit aftertax of Rs.101.55 lacs for the corresponding previous
financial year.
Consolidated
During the year under review, the Company achieved revenue of Rs.
19528.73 Lacs as against Rs. 27196.61 Lacs in previous year. The
Company has incurred a Net loss after tax of Rs. 1708.80 Lacs as
against Net Profit after tax of Rs. 130.85 lacs for the corresponding
previous financial year.
DIVIDEND AND TRANSFER TO RESERVES
In view of the business loss incurred during the year, your Director''s
do not recommend any dividend for the year 2014-15.
The Register of Members and Share Transfer Books will remain closed
from September 22, 2014 to September 29, 2014, both days inclusive. The
Annual General Meeting of the Company will be held on September 29,
2014.
BUSINESS OPERATIONS
OVERSEAS INVESTMENTS/ACQUISITIONS
Your Company has 2 (Two) Wholly Owned Subsidiaries namely Bang Europa
S. R. O. at Slovakia and Bang HK Limited at Hong Kong in order to
expand its business activities. Also, in order to establish a place in
International Market byway of formation and acquisition of business set
up abroad, Bang HK Limited has incorporated its Subsidiary known as
"Grand Fashion Textile (Shanghai) Co. Ltd at China and is planning to
remit money to the subsidiary towards its Share Capital.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the applicable Accounting Standards AS 21 on
Consolidated Financial Statements read with AS 23 on Accounting of
Investments in Associates, your Director''s provide the Audited
Consolidated Financial Statements in this Annual Report.
Business Outlook, Operations and Performance are discussed in detail in
the Management Discussion & Analysis forming a part of this Report and
have not been incorporated here to avoid repetition.
SUBSIDIARY COMPANIES:
During the year under review, your Company has following subsidiaries:
1. Vedanta Creations Limited
2. Bang Europa S.R.O
3. Bang HK Limited
4. Grand Fashion Textile (Shanghai) Co., Ltd (Step Down Subsidiary)
5. A.S. Raiment Pvt Ltd.
In terms of the general exemption granted by the Central Government
vide their General Circular No.2/2011 dated 8th February 2011 under
Section 212(8) of the Companies Act, 1956, the Balance Sheet, Profit
and Loss Account and other documents of the subsidiary companies are
not being attached with the Balance Sheet of the Company. The Company
will make available the Annual Accounts of the subsidiary companies and
the related detailed information to any member of the Company who may
be interested in obtaining the same. The annual accounts of the
subsidiary companies will also be kept open for inspection at the
Registered Office of the Company and that of the respective subsidiary
companies. The Consolidated Financial Statements presented by the
Company include the financial results of its subsidiary companies.
DIRECTORS
Pursuant to Section 149 of the Companies Act, 2013, the Board at its
meeting held on August, 13, 2014 recommended appointment of Mr. Vijay
Dattatraya Ajgaonkar, Mr. Mithilesh Kumar Sinha and Mr. Subrata Kumar
Dey as Independent Directors of the Company, not liable to retire by
rotation for a period of five years from the date of its 22nd Annual
General Meeting subject to approval of the Members of the Company.
These Directors have given the declarations to the Board that they meet
the criteria of independence as provided under Section 149(6) of the
said Act and also confirmed that they will abide by the provisions as
mentioned in Schedule IV of the Companies Act, 2013.
The Board recommends the resolutions for your approval for the above
appointments.
None of the Directors of the Company is disqualified under Section
164(2) of the Companies Act, 2013.
In terms of the Articles of Association of the Company, Mr. Brijgopal
Bang retire by rotation at the ensuing Annual General Meeting and,
being eligible, offer himself for reappointment.
APPOINTMENT OF KEY MANAGERIAL PERSONNEL
As per requirement of Section 203 of the Companies Act 2013, the
company has appointed, Mr. Jaydas Tulshiram Dighe as Chief Financial
Officer of the Company w.e.f 30th May, 2014.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis of the financial condition and
results of the operations of the Company for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges., is presented in a separate section forming part of the
Annual Report.
STATUTORY AUDITORS
M/s Rajendra K. Gupta & Associates, Chartered Accountants, the
Statutory Auditors of the Company, hold office until the ensuing Annual
General Meeting (AGM). The said Auditors have furnished the Certificate
of their eligibility for re-appointment. Pursuant to the provisions of
Section 139 of the Companies Act, 2013 and the Rules framed thereunder,
it is proposed to appoint M/s Rajendra K. Gupta & Associates, Chartered
Accountants as Statutory Auditors of the Company from the conclusion of
the forthcoming AGM till the conclusion of the 25th AGM to be held in
the year 2017, subject to ratification of their appointment at the
subsequent AGMs.
AUDITOR''S REPORT
The observations made in the Auditor''s Report, read together with the
relevant notes thereon are self-explanatory and hence, do not call for
any comments under Section 217 of the Companies Act, 1956.
SECRETARIAL AUDITOR
As required under Section 204 of the Companies Act, 2013, the Board at
its meeting held on August 13, 2014 has appointed Mr. Hitesh Kothari,
Partner, Kothari H. & Associates, Practicing Company Secretaries as
Secretarial Auditor for the Financial year 2014-15.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out
by SEBI. The Company has implemented several best corporate governance
practices as prevalent globally.
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement regarding Corporate Governance. A Report on the
Corporate Governance and Practicing Company Secretary''s Certificate on
Compliance of Corporate Governance are annexed as a part of this Annual
Report for the information of the Shareholders. The Company has also
obtained the requisite certificate from the Managing Director of the
Company. The Managing Director''s declaration regarding Compliance with
Company''s Code of Conduct for Directors and Senior Management Personnel
forms a part of the Report on Corporate Governance.
PARTICULARS OF EMPLOYEES
There is no employee in the Company whose particulars are required to
be given under section 217(2A)ofthe Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975, as amended.
FIXED DEPOSITS
Your Company has not accepted any Fixed Deposits during the year and as
such, no amount of principal or interest was outstanding as on date of
Balance Sheet.
LISTING
At present, the Company''s Equity Shares are listed at National Stock
Exchange of India Limited and BSE Limited and the Company has paid the
Listing fees to the above Exchanges for the year 2014-15.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT
AND INNOVATION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Information relating to conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo as required under Section 217(1
)(e) of the Companies Act, 1956 read with the Companies (Disclosure of
the Particulars in the Report of Board of Directors) Rules, 1988 is
given byway of Annexure I to this Report.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Total foreign exchange earnings and outgo is stated in Notes forming
part of the Financial Statements. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
Directors of the Company confirms that-
1. In preparation of the Annual Accounts for the financial year 2013-
2014, the applicable accounting standards have been followed.
2. The Directors had selected such Accounting Policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the loss of the
company for that period.
3. The Directors had 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.
4. The Directors had prepared the Annual Accounts on a going concern
basis.
TRANSFER OF UNPAID / UNCLAIMED AMOUNTS TO INVESTOR EDUCATION PROTECTION
FUND (IEPF)
During the year, there were no amounts which remained unpaid /
unclaimed for a period of 7 years and which were required to be
transferred by the Company to the Investor Education and Protection
Fund established by the Central Government pursuant to Section 205C of
the Companies Act, 1956
ACKNOWLEDGEMENT
The Director sincerely appreciates the contributions made by all the
employees, associates and business partners who have contributed
towards the success of the Company. The Directors place on record their
gratitude for the continuing support of Shareholders, bankers and
Business associates at all levels.
For and on behalf of the board of directors
Sd/-
BRIJGOPAL BANG
(DIN: 00112203)
CHAIRMAN & MANAGING DIRECTOR
Place: Mumbai
Date: August 13, 2014
Mar 31, 2010
The Directors have pleasure in presenting their EIGHTEENTH ANNUAL
REPORT along with the Audited Accounts of the Company for the year
ended 31 st march 2010.
FINANCIAL HIGHLIGHTS (Rs. In lacs)
Description Stand Alone Consolidated
Year Ended Year Ended Year Ended Year Ended
31.03.10 31.03.09 31.03.10 31.03.09
Sales 12,893.31 13,734.16 16230.70 16,524.09
Other Income 623.28 376.96 801.57 356.64
Less: Total Expenditure 12,627.87 13,567.72 15878.72 16,200.36
Earnings before Interest,
Depreciation and Tax
( EBIDT) 888.72 543.40 1153.55 680.37
Less: Interest 392.76 355.85 422.08 414.17
Earning Before Deprec
iation And Tax (EBDT) 495.96 187.55 731.47 265.85
Less: Depreciation 150.10 158.90 170.78 164.64
Profit before Tax (PBT) 345.86 28.65 560.69 101.21
Less: Tax Provision
(Current, Deferred, FBT
and Earlier 113.48 (43.85) 213.88 (18.56)
Year adjustment)
Profit after Tax (PAT) 232.38 72.30 346.81 119.77
PERFORMANCE REVIEW
Stand Alone
Your Company has achieved a turnover of Rs.12893.31 Lacs for the year
ended 31st March, 2010 lower by 6.12% p.a. as compared to the previous
year turnover of Rs. 13 734. 16 Lacs. It was due to lower production
and sales, as one of the manufacturing units of the company was
transferred to its 50:50 Joint Venture company, Aquarelle India Private
Limited. Further efficient management of various costs of the company,
foreign exchange gain. accompanied with reduction in cost related unit
resolted in Profit Before tax at Rs. 345.86 lacs 1107.19% p.a. higher
as compared to P&T of Rs. 28.65 Lacs for the previous year. Your
company is in the process of expanding its manufacturing capacities to
compensate the loss of production and sales on account of transfer of
its manufacuring units.
Profit After tax has also increased from rs. 72.50 Lacs to Rs.232.38
Lacs this year, mainly due to better margins and better cost management
policies of the company.
Consolidated
While Consolidating, your companies has also considered the financials
of its 50:50 joint Venture company, Aquarelle India Private Limited
(AIPL) and its subsidiary Vedanta Creations Limited. During the year
under review, Consolidated Turnover more or less remained constant due
to transfer of manufacturing units of the Company to AIPL However
better margins, foreign exchange gains along considerable reducation in
employee cost resulted in the positive growth of consolidated Profit
Before Tax i.e. from Rs. 101.21 Lacs for the year ended 31st March 2009
to Rs. 560.69 Lacs for the current years, a growth rate 453.99% p.a.
Consequently. the Consolidated profit after tax of the Company qrew @
189.56% p.a. from Rs. 119.77 Lacs in the year 2008-
09toRs.346.81 Lacs in the year 2009-10.
UTILIZATION OF IPO FUNDS
Brief particulars of Public Issue fund utilization upto 3 1st March,
2010 is as follows:
Particulars Amount Amount
(Rs. In lac ) (Rs. in Lac)
Revised Utilized
deployment
of funds*
General Corporate Purpose 1,016.80 1.016.75
Setting up of Retail Stores & Brand Building 1,063.00 1,063.00
Setting up of Apparel Manufacturing Unit at
Kolar District, Karnataka 0.25 0.25
Setting up Apparel Manufacturing unit in the
state of Karnataka and Andhra Pradesh 1420.00 Nil
Setting up of Apparel Manufacturing unit at
Visakhapatanam, Andhra Pradesh 1.500.00 152.33
Entering into joint Venture / Acquisition of
existing set up in India or elsewhere, which 75O00 Nil
are engaged in the similar business
Warehousing and logistic facilities 400.00 Nil
Setting up of Design, Display and Sampling unit 579.75 162.43
Share Issue Expenses 515.20 515.20
Total Fund Utilized 7,245.00 2,909.96
Balance fund kept in Fixed Deposit and units
of Mutual Fund Rs.4,335.04 Lakhs
The unutilized monies of Rs. 4335.04 Lakhs have been parked in fixed
deposits with scheduled banks and units of Mutual funds.
*The Company has amended the Objects of utilization of IPO Proceeds at
its Annual General Meeting of its members held on 30th September 2009
by way of a special Resolution.
DIVIDEND AND TRANSFER TO RESERVES
Your Company is undertaking some expansion plans and in order to meet
the financial requirements of theseplans, your directors propose to
ploughback the profits and do not recommed any dividend for the year
2009 -10. No amount is proposed to be transferred to reserves.
The register of members and share transfre books will remain closed
from 24th September, 2010 to 30th, September, 2010 both days inclusive.
the Annual General Meeting of the Company will be held on 30th
September, 2010.
SPECIAL ECONOMIC ZONE
Your Company has commenced the civil construction for setting up of a
unit of manufacturing of garment in the Visakhapatanam Special Economic
Zone (VSEZ). civil construction has been scheduled to be completed by
the end of the September 2010. The projected capacity of the unit is
180000 garment pcs per annum.
OVERSEAS INVESTMENTS/ACQUISITIONS
Your Company has planned to expand its business activities by way of
formation and acquisition of business set up aboerd. As one of the step
towards its expansion plan, company is in the process of obstaining the
approval of Reserve Bank of india for making investment in Slovakia and
Hong Kong.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the applicable accounting standards AS 21 on
Consolidated Financial Statements read with AS 27 on Accounting of
investments in Associates, Your Directors provide the audited
Consolidated financial Statements in the Annual Report. Business
outlook, oprations and performance are discussed in detail in the
Management Discussion & Analysis forming part of this Report and have
not been incorporate here to avoid repetition.
SUBSIDIARY COMPANY
As per the provisions of Section 212 of the Companies Act. 1956, the
audited statement of accounts of the Subsidiary Company is annexed to
the Annual Report of the Company.
DIRECTORS In terms of the provisions of Sections 255 and 256 of the
Companies Act. 1956 and the Articles of Association of the company Mr.
Venugopal Bang and Mr. Vijay Ajgaonkar retire at the ensuing Annual
General Meeting and, being eligible, have offered themselves for
re-appointment. Brief resumes of the Directors proposed to be re-
appointed, nature of their expertise in Specific functional areas and
names of companies in which they hold Directorships and Memberships
/Chairmanships of Board Committees, as stipulated in Clause 49 of the
Listing agreement with the stock exchanges are provided as an
attachment of the notice calling the annual general meeting.
AUDITORS
M/s. Rajendra K. Gupta & Associates, Chartered Accountants, the
retiring Statutory Auditors of the Company, hold office until the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment .
The Company has received a confirmation from the auditors to the effect
that their re-appointment, if made would within the prescribed limits
under Section 224(18) of the Companies Act, 1956 and that are not
disqualified for such reappintment within the meaning of Section 226 of
the said Act.
The members are recommended to re-appoint them as the auditors of the
Company.
AUDITORS REPORT
The observations made in the Auditors Report, read together with the
relevant notes thereon are self- explanatory and hence, do not call for
any comments under Section 217ofthe Companies Act, 1956.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 217(2A) of the Companies Act,
1956, read with (Particulars of Employees) Rules 1975 as amended, the
names and other particulars are required to be set out in the annexure
to the Directors Report.
However, having regard to the provisions of Section 219(l)(b)(iv) of
the said Act, the Annual report excluding the aforesaid information is
being sent to all the members of the Company and others entitled
thereto. Any member interested in obtaining such perticulars may write
to the Company Secreatary at the registered office of the Company.
FIXED DEPOSITS
During the year under review, the company has not accepted any deposit
under Section 58A of the Companies Act. 1956, read with Companies
(Acceptance of Deposits) Rules. 1975 . As such, no amount of Principal
or interest is outstandsing as on the Balance Sheet date.
LISTING
At present the Companys equity shares are listed at National Stock
Exchange of India Limited and Bombay Stock Exchange Limited and the
Company has paid the Listing fees to the above exchange for the year
2010- 11.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information relating to conservation of energy, technology absorption
and foreign exchange earnings and outgo ad required under Section
217(1) (e) of the Companies Act, 1956 read with the Companies
(disclosure of the particulars in the report of the Board of
Directors) Rules, 1988 is given by way of Annexure /to this report.
DIRECTORSRESPONSIBILITY STATEMENT
The Board of Directors Report:
i that in the preparation of Annual Accounts for the financial year
2009-10, the applicable accounting standards have been followed along
with proper explanatoin relating to material departures:
ii that the Directors have selected such accounting policies and
applied them consistently and made judgments and estiments 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
Company for that period:
iiithat the Directors have 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:
iv. that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
Your company follows the principles of effective corporate governance
practices.
A report on the Corporate Governance, Practicing Company Secretarys
certificate on compliance of Corporate Governance, and "Management
Discussion and Analysis" giving details of the Companys business and
operating results are annexed as a part of the Annual Report for the
information of the shareholders. TheCompany has obstained the requisite
certificate from the Managing Director of the Company. The Managing
Directors declaration regarding compliance with Companys Code of
Conduct for Directors and Senior Management personne/forms pert of
repot on Corporate Governance.
TRANSFER OF UNPAID/UNCLAIMED AMOUNTS TO INVESTOR EEDUCATION PROECTION
FUND (IEPF)
During the year there were no amounts which remained unpaid / unclaimed
for a period of 7 years and which were required to be transferred by
the company to the Investor Education and Protection Fund established
by the Central Government pursuant to Section 205C of the Companies
Act, 1956.
TRANSFER OF UNCLAIMED SHARES TO SUSPENSE ACCOUNT ACKNOWLEDGEMENT
Company is in the process of opening a Demat Suspense Account with one
of the Depository Participant. As soon as the account is opened, the
unclaimed shares shall be credited to the same.
ACKNOWLEDGEMNET
Your Directors take this opportunity to gratefully acknowledge the
support with one and co-operation received from its Bankers. all
stakeholders and investors including for their continued patronage and
confidence reposed in the company.
The Directos would like to express their thanks for the sincere hard
work and dedication of every employee leading to impressive results of
your company. the Board is confident that the employees continued
enthusiasm, initiative and dedicated efforts, your company could face
the new challenges and opportunities arising out of the competition.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Sd/-
VENUGOPAL BANG
PLACE: Mumbai
DATE: 1st September 2010