Mar 31, 2018
Directors'' Report
To,
The Members of Galaxy Entertainment Corporation Limited
Your Directors take pleasure in presenting the Thirty Sixth Annual Report of the Company on the business and operations of the Company along with the audited financial statements for the year ended March 31, 2018.
Financial Results
The Company''s financial performance for the finanacial year ended March 31, 2018 is summarized below: Standalone
|
(Rs in lakhs) |
|
Particulars |
Year ended 31.03.2018 |
Year Ended 31.03.2017 |
Revenue from operations |
4,052.43 |
4,174.82 |
Other Income |
201.83 |
691.30 |
Total Income |
4,254.26 |
4,866.12 |
Personnel Cost |
638.12 |
70.02 |
Operating and other expenses |
4268.86 |
6115.10 |
Total Expenditure |
5356.98 |
6185.12 |
(Profit/Loss) before Interest, Depreciation and Tax |
(1102.72) |
(1319.00) |
Less: Interest |
- |
- |
Less : Depreciation |
100.81 |
100.75 |
Profit/(Loss) before tax |
(1203.53) |
(1419.75) |
Less Provision for Tax |
- |
- |
Profit/(Loss) after Tax |
(1203.53) |
(1419.75) |
Performance of the Company
During the year under review, Your Company had earned revenue from operations (Gross) of Rs 4052.43 Lakhs. The Loss before finance cost, depreciation and amortization was of Rs (1102.72) Lakhs (-27.21% of total revenue) as against Rs (1319.00) Lakhs (-26.78% of total revenue) in the previous year. The operating Loss after tax reduced to Rs (1203.53) Lakhs (-29.70% to revenue) as against Rs (1419.75) Lakhs (-34.01% of revenue) in the previous year, showing a positive trend. The Company is targeting to achieve break even in current financial year.
Business Review
During the year under review, the Company has opened 5 commissaries in India. The Company operates Commissaries in Mumbai, Pune, Bengaluru, Hyderabad and Kolkata. Commissaries are mainly focused on manufacturing of fresh foods ranging from fresh bakery, desserts, hot meals, cold meals to home meal convenience foods and ready to eat products. Currently the Company does private label for renowned players in retail industry and caters to QSR companies having PAN India presence.
Dividend
Your Directors have not recommended any dividend on equity shares in respect of the financial year 2017-18. Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("Listing Regulations") with regard to formulation of Dividend Distribution Policy are not applicable to our Company.
Transfer to Reserve
The Company has not transferred any amount to reserves during the year and hence no information as per the provisions of Section 134 (3) (j) of the Companies Act, 2013 ("the Act") has been furnished.
Increase in Share Capital
Pursuant to the approval granted by the shareholders at their Extra Ordinary General Meeting of the Company held on December 8, 2017, the Authorised share Capital of the Company had increased from Rs 20,00,00,000/-(Rupees Twenty Crore) divided into 2,00,00,000 (Two Crore) Equity shares of Rs 10/- (Rupee Ten) each to Rs 40,00,00,000/- (Rupees Forty Crores) divided into 4,00,00,000 (Four Crore) Equity shares of Rs 10/- (Rupees Ten) each fully paidup.
The Issued, Subscribed and Paidup Share Capital of the Company as on March 31, 2018 is Rs 25,22,93,700/-divided into 2,52,29,370 equity shares of Rs 10/- fully paidup each.
Issue and allotment of Equity shares & Compulsorily Convertible Debentures (CCDs) on preferential basis
⢠During the year under review, the Committee of Directors of the Company at their meeting held on January 2, 2018, had issue and allotted 95,79,435 Equity shares of Rs 10/- each at a premium of Rs 11/- per share fully paidup on preferential allotment basis to Promoter group and/or Investors.
⢠The Committee of Directors of the Company at their meeting held on January 2, 2018 had issued and allotted 9,88,744 Compulsorily Convertible Debentures (CCDs) having face value of Rs 100/- each fully paidup to Central Departmental Stores Private Limited, promoter group Company, on preferential allotment basis, carrying a coupon rate of 0.01% per annum, which shall be converted into 47,08,304 Equity Shares of Rs 10/- each at a conversion price of Rs 21/- each within 18 months from the date of allotment in one or more tranches.
Conversion of CCDs into Equity Shares:
The Committee of Directors at their meeting held on April 3, 2018 had converted 4,52,179 CCDs out of 9,88,744 CCDs into 21,53,233 Equity shares having face value of Rs. 10/- each fully paidup at a conversion price of Rs. 21/- each.
Registered office of the Company
During the year under review, the registered office of the Company has been shifted from 3rd floor, Block A, Orchid City Centre Mall, 225, Belasis Road, Mumbai Central, Mumbai-400008 to Eyelet House, M.S. Patel Compound, Near John Baker Bus Stop, Opp. Shah Industrial Estate, Saki-Vihar Road, Saki Naka, Andheri (East), Mumbai-400072, w.e.f. November 8, 2017.
Internal Controls
The Company has robust internal control systems and procedures commensurate with its nature of business which meets the following objectives:
⢠providing assurance regarding the effectiveness and efficiency of operations;
⢠efficient use and safeguarding of resources;
⢠compliance with policies, procedures, applicable laws and regulations; and
⢠transactions being accurately recorded and promptly reported.
The Company continues to have periodical audits conducted of all its functions and activities to ensure that systems and procedures are followed across all areas.
The Audit Committee of Directors of the Company regularly reviews the adequacy of internal control systems through such audits. The Internal Auditor reports directly to the Audit Committee.
The Company also has a budgetary control system to monitor expenditure against approved budgets on an ongoing basis.
Internal Financial Controls
The Internal Financial Controls 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 Statutory Auditors and the Internal Auditors of the Company on the inefficiency or inadequacy of such controls.
Internal Control Systems
Adequate internal control systems commensurate with the nature of the Company''s business and size and complexity of its operations are in place and have been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.
Risk Management
The Board of Directors of the Company has formulated a Risk Management Policy which aims at minimizing the risk and enhancing the value and reviews the elements of risks with regard to the business.
The risk management approach is based on a clear understanding of the variety of risks that the organization faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.
Cash Flow Statement
In conformity with the provisions of Regulation 34 of Listing Regulations, Cash Flow Statement for the year ended March 31, 2018 has been provided in the Annual Report and which forms part of this report.
Subsidiaries
The Company is not a holding Company in terms of Section 2 (46) of the Act. There are no subsidiary, associate or joint venture Companies within the meaning of Section 2(6) of the Act. Hence, Form AOC-1 pursuant to provisions of Section 129(3) of the Act, is not provided in this report.
Particulars of Employees and other additional information
The ratio of the remuneration of each key managerial personal (KMP) to the median of employee''s remuneration as per section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014 forms part of the Board''s Report under (Annexure W).
None of the employees are drawing remuneration as per the ceiling stipulated in terms of Rule 5 (2) (ii) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Extract of Annual Return
Pursuant to the provisions of Section 134(3)(a) of the Act, Extract of the Annual Return for the financial year ended March 31, 2018 made under the provisions of Section 92(3) of the Act is attached as (Annexure ''B'') and which forms part of this Report.
A copy of the same is also placed at the website of the Company and shall be available at www.thegalaxycorp.com
Board Diversity
The Company recognizes and embraces the importance of a diverse board in success. We believe that a truly diverse board will leverage differences in thought, perspective, knowledge, skill, regional and industry experiences, cultural and geographical background, age, ethnicity, race and gender, which will help us to retain our competitive advantage. The Board has adopted the Board Diversity Policy which sets out the approach to diversity of the Board of Directors. The Board Diversity Policy is available on our website www.the Qalaxy corp.com.
Secretarial Auditor and Secretarial Audit Report
In terms of the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company has appointed Mrs. Nidhi Bajaj of M/s. Nidhi Bajaj & Associates, Practicing Company Secretaries, to conduct Secretarial Audit of the Company for the financial year 2017-18. The Secretarial Audit Report for the financial year 2017-2018 is annexed herewith as (Annexure ''C'') and forms part of this report. The Secretarial Audit report does not contain any qualification, reservation or adverse remark.
Corporate Governance
Corporate Governance is about maximizing shareholders value legally, ethically and sustainably. At GECL, the goal of corporate governance is to ensure fairness for every shareholder. We believe sound corporate governance is critical to enhance and retain investor trust. Our Board exercises its fiduciary responsibilities in the widest sense of the team. We also endeavor to enhance long-term shareholder value and respect minority rights in all our business decisions.
Certificate on Corporate Governance
As per Regulation 34 (3) read with Schedule V of the Listing Regulations, the auditor''s certificate on corporate governance is enclosed as (Annexure ''D'') to the Board''s report. The auditor''s certificate for financial year 2018 does not contain any qualification, reservation or adverse remark.
Management''s discussion & analysis
The Management Discussion and Analysis Report on the operations of the Company, as required under Regulation 34 of Listing Regulations is provided in a separate section and forms an integral part of this Report.
Disclosures related to Board, Committees, Policies and number of Board meetings Meetings of Board
The Board of Directors met five (5) times during the financial year ended March 31, 2018 in accordance with the provisions of the Act and rules made there under. All the Directors actively participated in the meetings and provided their valuable inputs on the matters brought before the Board of Directors from time to time. Additionally, on February 13, 2018, the Independent Directors held a separate meeting in compliance with the requirements of Schedule IV of the Act and the provisions of Listing Regulations.
The meeting details are provided in the Corporate Governance Report that forms part of this Annual Report. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Act.
Audit Committee
An Audit Committee is in existence in accordance with the provisions of Section 177 of the Act. The Audit Committee comprises of Mr. Rajneesh Agarwal, Ms. Udita Jhunjhunwala and Mr. Sharad Rustagi, Independent Directors and Mr. Swapnil Kothari, Non-Executive Director. Five meetings of the Audit Committee were held during the year. Kindly refer section on Corporate Governance, under head ''Audit Committee'' for matters relating to constitution, meetings and functions of this Committee.
During the year under review, all the recommendations made by the Audit Committee were accepted by the Board. There were no instances where the Board has not accepted any recommendation of the Audit Committee.
Details of Committees of the Board of Directors along with their terms of reference, composition and meetings held during the year under review, are provided separately in the Corporate Governance Report, which forms part of this Annual Report.
Directors and Key Managerial Personnel
The Board had judicious combination of Non-Executive and Independent Directors to maintain the independence of the Board and separate its functions of governance and management. As of March 31, 2018, the Board of Directors of the Company consists of Mr. Rajneesh Agarwal, Ms. Udita Jhunjhunwala and Mr. Sharad Rustagi, Independent Directors, Mr. Sunil Biyani and Mr. Swapnil Kothari, Non-Executive Directors.
In terms of the provisions of the Act and in terms of the Memorandum and Articles of Association of the Company, Mr. Sunil Biyani retires by rotation at the ensuing AGM and being eligible seeks for re-appointment. The Board recommends his re-appointment.
In accordance with the provisions of Section 149 of the Act read with Listing Regulations, your Board of Directors recommend for re-appointment of Mr. Sharad Rustagi, as Independent Directors for a further term of 5 (five) consecutive years commencing from September 29, 2018 to September 28, 2023.
The notice convening forthcoming AGM includes the proposal for appointment/re-appointment of aforesaid Directors. A brief resume of the Directors seeking appointment/re-appointment at the forthcoming AGM and
other details as required to be disclosed in terms of Regulation 36(3) of the Listing Regulations and Secretarial Standard on General Meetings (SS-2) forms part of the Notice calling the AGM. None of the Directors are disqualified for appointment/ re-appointment under Section 164 of the Act.
During the year under review, Mr. Vikas Kedia, Chief Financial Officer/Compliance Officer had resigned from the post of Chief Financial Officer/Compliance of the Company and the followings Key Managerial Personnels of the Company were appointed w.e.f. from November 8, 2017:
Mr. MayankTandon |
- Chief Executive Officer |
Ms. Suchita Rajput |
- Company Secretary |
Mr. Tanuj Agarwal |
- Chief Financial Officer |
Declarations by Independent Directors
Pursuant to the provisions of sub-section (7) of Section 149 of the Act, the Company has received individual declaration from all independent Directors, confirming that they fulfill the criteria of independence laid down in Section 149 of the Act and Regulation 25 of Listing regulation.
Policy on Director''s Appointment and Remuneration
The policy of the Company on Director''s appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a Director and other matters, as required under sub-section (3) of Section 178 of the Act is available on our website at www.theQalaxycorp.com.
There has been no change in the policy since last fiscal. We affirm that the sitting fees paid to Directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.
Board Evaluation
Listing Regulations mandates that the Board shall monitor and review the evaluation framework. The frame work includes the evaluation of Directors on various parameters.
The Act states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual Directors. Schedule IV of the Act, states that the performance evaluation of Independent Directors shall be done by the entire Board of Directors, excluding the Director being evaluated.
The evaluation of all the Directors and the Board as a whole was conducted based on the criteria and frame work adopted by the Board. The evaluation process has been explained in the Corporate Governance report.
Familiarization program for independent Directors
At the time of the appointment of an independent Director, the Company issues a formal letter of appointment outlining his/her role, function, duties and responsibilities. The letter of appointments issued to Independent Directors is available on our website at www.theQalaxycorp.com.
Code of conduct for prevention of insider trading
The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulations, 2015.
The Insider Trading Policy of the Company lays down guidelines and procedures to be followed and disclosure to be made while dealing with shares of the Company, as well as the consequences of violation. The policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the highest ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading is available on our website viz. www.thegalaxycorp.com.
Listing on Stock Exchange
The Company has entered into Listing Agreement with BSE Limited (BSE) in terms of the Listing Regulations and the listing fee for the year 2018-19 has been paid.
The Company has entered into necessary agreements with the Central Depository Services (India) Limited (CDSL) and National Securities Depository Limited (NSDL) for availing the Depository services.
Director''s Responsibility statement
In terms of Section 134(5) of the Act, in relation to the audited financial statements of the Company for the year ended March 31, 2018, the Board of Directors hereby confirms that:
i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures, wherever applicable;
ii. such accounting policies have been selected and applied consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2018 and of the loss of the Company for the year ended on that date;
iii. proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. they have prepared the annual accounts on a going concern basis;
v. internal financial controls have been laid down to be followed by the Company and that such internal financial controls are adequate and operating effectively;
vi. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
Nomination, Remuneration and Compensation Committee
A Nomination, Remuneration and Compensation Committee is in existence in accordance with the provisions of sub-section (1) of Section 178 of the Act. Kindly refer section on Corporate Governance, which is forming part of this report, under head ''Nomination, Remuneration and Compensation Committee''for matters relating to constitution, meetings, functions of the Committee.
Secretarial Standard
The Company complies with all applicable secretarial standards. Auditors and Auditor''s Report
M/s. S A R A & Associates, Chartered Accountants, Statutory Auditors of the Company, bearing ICAI Registration No. 120927W, have been appointed as the Statutory Auditors of the Company for a period of 3 years From the conclusion of thirty fourth AGM till the thirty seventh AGM of the Company subject to ratification by the members in every AGM.
In view of recent amendment in the Act, which were notified with effect from May 07, 2018 by the Ministry of Corporate Affairs, the requirement of ratification of Auditors at every year has been removed and accordingly, there is no requirement of ratification of appointment of Auditors.
The Statutory Auditors have confirmed their eligibility to continue to act as the auditors of the Company and they are not disqualified from completing the term of appointment.
The notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any further comments and explanations. The Auditors'' Report does not contain any qualification, reservation or adverse remark. No instance of fraud have been reported by the Statutory Auditors of the Company under Section 143(12) of the Act. The Auditor''s Report is enclosed with the financial statements in this Annual Report.
Corporate Social Responsibility
The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable to Company.
Related Party Transactions
All transactions with related parties are placed before the Audit Committee for review and approval. Prior omnibus approval has obtained for transactions with related parties which are repetitive in nature.
All transactions entered into with related parties during the financial year under review were in ordinary course of Business and on arm''s length basis. During the year under review, the Company has not entered
into any material related party transactions, as defined under the RPT policy of the Company. Accordingly, the disclosure in respect of contracts or arrangement with related parties, as required under Section 134(3) of the Act in Form AOC-2 is not applicable.
The policy on materiality of related party transactions and dealing with related party transactions ("RPT Policy") as approved by the Board is available on the website of the Company www.thegalaxycorp.com.
Disclosure relating to equity shares with differential rights
The Company has not issued any equity shares with differential rights during the year under review and hence no information as per provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.
Disclosure relating to Employee Stock Option Scheme and Employee Stock Purchase Scheme
The Company has not issued or granted any Employee Stock Option Scheme and Employee Stock Purchase Scheme during the year under review and hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.
Disclosure relating to sweat equity shares
The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.
Disclosures in respect of voting rights not directly exercised by employees
There are no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.
Disclosure of Orders passed by Regulators or Courts or Tribunal
No significant and material orders have been passed by any Regulators or Courts or Tribunals which can have an impact on the going concern status and the Company''s operations in future.
Conservation of Energy, Technology Absorption and Foreign Exchange earning and outgo
Information required under Section 134 (3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo is included in (Annexure''E'').
Declaration by Chief Executive Officer
As per Regulation 34(3) read with Schedule V of the Listing Regulations, declaration stating that the members of board of Directors and senior management personnel have affirmed compliance with the code of conduct of board of Directors and senior management is enclosed as (Annexure T'').
Deposits from Public
During the year under review, your Company neither accepted any deposits nor there were any amounts outstanding at the beginning of the year which were classified as ''Deposits'' in terms of Section 73 of the Act read with the Companies (Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Act is not applicable.
Disclosures under section 134(3)(l) of the Companies Act, 2013:
Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Company''s financial position, have occurred between the end of the financial year of the Company and date of this report.
Particulars of Loans, Guarantees or Investments under section 186 of the Companies Act, 2013
Details of loans, Guarantees and Investments covered under the provisions of Section 186 of the Act form part of the notes to the Financial Statements provided in this Annual Report.
Prevention of Sexual Harassment Policy
The Company has in place a prevention of Sexual Harassment Policy in line with the requirements of the sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with law of the Land. We have also constituted an internal Committee to consider and address sexual harassment complaints in accordance with the Sexual Harassment of Women at Workplace (prevention, prohibition and Redressal) Act, 2013. All employees (Permanent, contractual, temporary and trainees) are covered under this policy.
During the year 2017-18, no complaints were received by the Company related to sexual harassment. Green Initiatives
Electronic copies of the Annual report 2017-18 of 36th Annual General Meeting are sent to all members whose email addresses are registered with the Company/depository participant(s). For members who have not registered their email addresses, physical copies are sent in the permitted mode.
Vigil Mechanism
The Company has established a vigil mechanism to provide a framework for promoting responsible and secure whistle blowing and to provide a channel to the employee(s), Directors and other stakeholders to report to the management, concerns about unethical behavior, actual or suspected fraud or violation the code of conduct or policy/ies of the Company, as adopted/framed from time to time.. The Policy on vigil mechanism and whistle blower policy may be accessed on the Company''s website viz. http://www.theQalaxycorp.com/ Corporate Policies and Code.html
Detection of Fraud
No Fraud has been reported by the auditor''s viz. statutory and internal auditors to the Audit Committee or the Board in terms of Section 143 (12) of the Act.
Acknowledgement
The Board appreciates and places on record the contribution made by the employees during the year under review. The Board also places on record their appreciation of the support of all stakeholders particularly shareholders, customers, bankers, suppliers and business partners.
Cautionary Note
The statements forming part of the Director''s Report may contain certain forward looking remarks within the meaning of applicable securities laws and regulations. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward looking statements.
For and behalf of the Board of Directors
Sunil Biyani |
Sharad Rustagi |
|
Place: Mumbai |
(Director) |
(Director) |
Date: August 2, 2018 |
DIN: 00006583 |
DIN: 07232913 |
ANNEXURE ''A'' TO THE BOARD''S REPORT
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013, READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014.
i. The Directors of the Company does not draw remuneration from the Company. Hence, the ratio of the remuneration of each Director to the median remuneration of the employees of the Company cannot be determined.
ii. The percentage increase in remuneration of Chief Financial Officer, Chief Executive Officer and Company Secretary of the Company during the financial year 2017-18, is as under:
The Chief Financial Officer, Chief Executive Officer and Company Secretary of the Company has been appointed w.e.f November 8,2018. Hence, percentage of increase in remuneration cannot be determined.
iii. The percentage increase in the median remuneration of employees in the financial year: N.A.* iv. There are 310 permanent employees on the rolls of Company as on March 31, 2018.
v. Average percentage increase/decrease made in the salaries of employees other than the managerial personnel in the last financial period i.e. 2016-17: N.A.*
vi. Percentage increase/ (decrease) in the managerial remuneration: N.A.
vii. Justification, including any exceptional circumstances, for increase in the managerial remuneration: N.A.
viii. The Company affirms that the remuneration is as per the Remuneration Policy of the Company.
* The percentage increase in median remuneration and average percentage increase/decrease in salary of employees cannot be determined for the period under the review because 292 employees out of 310 permanent employees were appointed during the year and hence the same cannot be determined.
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013, READ WITH RULE 5(2) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014.
i. There were no employees in the Company who were drawing a remuneration throughout the financial year 2017-18 as stipulated in Rule 5 (2) (i).
ii. There were no employees in the Company who were drawing a remuneration for the part of the financial year 2017-18 as stipulated in Rule 5 (2) (ii).
iii. The Directors of the Company does not draw remuneration from the Company and none of the employees directly or indirectly holds more than 2% of the equity shares of the Company.
For and behalf of the Board of Directors
Place: Mumbai |
Suchita Rajput |
Date: August 2, 2018 |
Company Secretary |
ANNEXURE ''B'' TO THE BOARD''S REPORT
EXTRACT OF ANNUAL RETURN as on the financial year ended March 31, 2018
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
FORM NO. MGT - 9 I. Registration and other details
CIN |
L51900MH1981PLC024988 |
Registration Date |
13/08/1981 |
Name of the Company |
Galaxy Entertainment Corporation Limited |
Category / Sub-Category of the Company |
Company having Share Capital |
Address of the Registered Office and contact details. |
Eyelet House, M.S. Patel Compound, Opp. Shah Industrial Estate, Saki-Vihar, Andheri (East), Mumbai - 400072 Tel. No: 022-61994412 |
Whether Listed Company |
Yes |
Name, address and contact details of Registrar and Transfer Agent, if any |
TSR Darashaw Limited 6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 Oil. Tel No.: 022-66568484 Email Id: csa-unit@)tsrdarashaw.com |
II. |
Principal Activities of the Company |
All the Business Activities contributing 10% or more of the total turnover of the Company shall be stated: |
|
Name and Description of main NIC Code of the Product/ Service % to total turnover of the Products / Services Company |
|
Food & Beverages 107 93.44 |
III. |
Particulars of Holding, Subsidiary and Associate Companies |
||||
Name and address of the Company |
Corporate Identify Number |
Holding / Subsidiary/ Associate |
% of Shares Held |
Applicable Section |
|
NIL |
NIL |
NIL |
NIL |
NIL |
IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) i. Category-wise Shareholding -
Category of Shareholders |
No. of Shares held at the beginning of the year |
No. of Shares held at the end of the year |
o/o Change during the year |
||||||
Demat |
Physical |
Total |
% of Total Shares |
Demat |
Physical |
Total |
% of Total Shares |
||
A. Promoters |
|||||||||
1) Indian |
|||||||||
a) Individual / HUF |
50,000 |
- |
50,000 |
0.32 |
50,000 |
- |
50,000 |
0.20 |
-0.12 |
b) Central Govt. |
- |
- |
- |
- |
- |
- |
- |
- |
- |
c) State Govt(s) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
d) Bodies Corporate |
91,19,163 |
- |
91,19,163 |
58.27 |
1,34,00,653 |
- |
1,34,00,653 |
53.11 |
-5.16 |
e) Banks / FI |
- |
- |
- |
- |
- |
- |
- |
- |
- |
f) Any Other |
~ |
~ |
~ |
~ |
~ |
~ |
~ |
~ |
- |
Sub Total (A)(l) |
91,69,163 |
- |
91,69,163 |
58.59 |
1,34,50,653 |
- |
1,34,50,653 |
53.31 |
-5.28 |
2) Foreign |
|||||||||
a) NRI''s- Individuals |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b) Other -Individuals |
- |
- |
- |
- |
- |
- |
- |
- |
- |
c) Bodies Corporate |
- |
- |
- |
- |
- |
- |
- |
- |
- |
d) Banks / FI |
- |
- |
- |
- |
- |
- |
- |
- |
- |
e) Any Other |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Sub Total (A)(2) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Shareholding of Promoters (A) = (A)(1) (A) (2) |
91,69,163 |
91,69,163 |
58.59 |
1,34,50,653 |
1,34,50,653 |
53.31 |
-5.28 |
||
B. Public Shareholding |
|||||||||
1) Institutions |
|||||||||
a) Mutual Funds / UTI |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b) Banks / FI |
- |
- |
- |
- |
- |
- |
- |
- |
- |
c) Central Govt. |
- |
- |
- |
- |
- |
- |
- |
- |
- |
d) State Govt(s) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
e) Venture Capital Funds |
- |
- |
- |
- |
- |
- |
- |
- |
- |
f) Insurance Companies |
- |
- |
- |
- |
- |
- |
- |
- |
- |
g) FII''s |
- |
- |
- |
- |
- |
- |
- |
- |
- |
h) Foreign Venture Capital Funds |
- |
- |
- |
- |
- |
- |
- |
- |
- |
i) Others (specify) |
|||||||||
Foreign Portfolio Investors |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Sub-Total (B) (1) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
2) Non - Institutions |
|||||||||
a) Bodies Corporate i. Indian |
28,96,142 |
100 |
28,96,242 |
18.51 |
69,07,603 |
100 |
69,07,703 |
27.38 |
8.87 |
ii. Overseas |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b) Individuals |
|||||||||
i. Individual Shareholders holding nominal share capital upto ? 1 lakh |
17,81,093 |
42,191 |
18,23,284 |
11.65 |
15,66,915 |
42,191 |
16,09,106 |
6.38 |
-5.27 |
ii. Individual Shareholders holding nominal share capital in excess of ? 1 lakh |
15,44,422 |
18,000 |
15,62,422 |
9.98 |
31,17,863 |
18,000 |
31,35,863 |
12.43 |
2.45 |
c) Others (specify) |
|||||||||
i. Non-Resident Indian (Repat) |
43,650 |
- |
43,650 |
0.28 |
30,284 |
- |
30,284 |
0.12 |
-0.16 |
ii. Non-Resident Indian (Non-Repat) |
69,867 |
- |
69,867 |
0.45 |
58,680 |
- |
58,680 |
0.23 |
-0.21 |
iii. Clearing Member |
85,307 |
- |
85,307 |
0.55 |
37,081 |
- |
37,081 |
0.15 |
-0.40 |
iv. Directors & Relative |
- |
- |
- |
- |
- |
- |
- |
- |
- |
v. Trusts |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Sub-Total (B) (2) |
64,20,481 |
60,291 |
64,80,772 |
41.41 |
1,17,18,426 |
60,291 |
1,17,78,717 |
46.69 |
5.28 |
Total Public Shareholding (B)=(B)(1) (B)(2) |
64,20,481 |
60,291 |
64,80,772 |
41.41 |
64,20,481 |
60,291 |
1,17,78,717 |
46.69 |
5.28 |
C. Shares held by Custodian for GDRs & ADRs |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Grant Total (A B C) |
1,55,89,644 |
60,291 |
1,56,49,935 |
100.00 |
2,51,69,079 |
60,291 |
*2,52,29,370 |
100.00 |
- |
* During the F.Y. 2017-18, the Company had allotted 95,79,435 Equity shares of ? 10/- each at a premium of ? Ill- each fullypaid on preferential basis to Promoter group Company and/or Investors.
ii. Shareholding of Promoters
Name of Shareholder |
Shareholding at the beginning of the year |
Shareholding at the end of the year |
% of change in Shareholding during the year |
||||
Number of Shares |
% of Total Shares of the Company |
% of Shares Pledged / encumbered to total shares |
Number of Shares |
% of Total Shares of the Company |
% of Shares Pledged / Encumbered to total shares |
||
Future Enterprises Limited |
49,37,935 |
31.55 |
Nil |
49,37,935 |
19.57 |
Nil |
-11.98 |
Central Departmental Stores Private Limited (#) |
0 |
0 |
Nil |
42,81,490 |
16.97 |
Nil |
16.97 |
Bellona Hospitality Services Ltd. |
36,86,491 |
23.56 |
Nil |
36,86,491 |
14.61 |
Nil |
-8.95 |
Ashbee Investments & Finance Pvt. Ltd. |
3,50,000 |
2.24 |
Nil |
3,50,000 |
1.39 |
Nil |
-0.85 |
Senior Advisory Services Pvt. Ltd. |
97,237 |
0.62 |
Nil |
97,237 |
0.39 |
Nil |
-0.24 |
Atul Ashok Ruia |
50,000 |
0.32 |
Nil |
50,000 |
0.20 |
Nil |
-0.12 |
Ashok Apparels Pvt. Ltd. |
47,500 |
0.30 |
Nil |
47,500 |
0.19 |
Nil |
-0.11 |
Total |
91,69,163 |
58.59 |
Nil |
1,34,50,653 |
53.31 |
Nil |
-5.28 |
(#) 42,81,490 Equity Shares has been allotted to Central Departmental Stores Private Limited, Promoter Group Company on preferential allotment basis on January 2, 2018.
iii. Changes in Promoters Shareholding (Please specify, if there is no change)
Shareholders Name |
Shareholding at the beginning of the year 01.04.2017 |
Date |
Increase/ Decrease in shareholding |
Reason |
Shareholding at the end of the year 31.03.2018 |
|||
No. of shares |
% of total shares of the Company |
No. of shares |
% of total shares of the Company |
|||||
1. |
Future Enterprise Limited |
49,37,935 |
31.55 |
02/01/2018 |
-11.98 |
Note |
49,37,935 |
19.57 |
2. |
Central Departmental Stores Private Limited |
02/01/2018 |
16.97 |
Allotment of 42,81,490 Equity shares on preferential basis |
42,81,490 |
16.97 |
||
3. |
Bellona Hospitality Services Limited |
36,86,491 |
23.56 |
02/01/2018 |
-8.95 |
Note |
36,86,491 |
14.61 |
4. |
Ashbee Investments & Finance Private Limited |
3,50,000 |
2.24 |
02/01/2018 |
-0.85 |
Note |
3,50,000 |
1.39 |
5. |
Senior Advisory Services Private Limited |
97,237 |
0.62 |
02/01/2018 |
-0.24 |
Note |
97,237 |
0.38 |
6. |
Atul Ashok Ruia |
50,000 |
0.32 |
02/01/2018 |
-0.12 |
Note |
50,000 |
0.20 |
7. |
Ashok Apparels Private Limited |
47,500 |
0.30 |
02/01/2018 |
-0.11 |
Note |
47,500 |
0.19 |
Total |
91,69,163 |
58.59 |
-5.28 |
1,34,50,653 |
53.31 |
Note . Dilution of % of shareholding pursuant to allotment of Equity shares to Promoter group Company and/ or to Investors on January 2, 2018.
iv. Shareholding Pattern of Top Ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs)
For each of the Top 10 Shareholders |
Shareholding at the beginning of the year |
Shareholding at the end of the year |
||
No. of Shares |
% of Total Shares of the Company |
No. of Shares |
% of Total Shares of the Company |
|
1. Darshita Landed Property LLP |
- |
- |
33,33,924 |
13.21 |
2. Eclipse Trades Private Ltd. |
10,29,432 |
6.58 |
10,29,432 |
4.08 |
3. Vikas Kushal Pincha |
- |
- |
9,82,011 |
3.89 |
4. Merlin Enclaves Private Ltd. |
8,95,626 |
5.72 |
8,95,626 |
3.55 |
5. C Mackertich Private Limited |
7,02,926 |
4.49 |
7,02,926 |
2.79 |
6. Osian Townships And Resorts Pvt Ltd |
- |
- |
4,91,005 |
1.95 |
7. Aishwarya Vikas Pincha |
- |
- |
4,91,005 |
1.95 |
8. Shivanand Shankar Mankekar |
3,24,302 |
2.07 |
3,24,302 |
1.29 |
9. Coppola Holdings Private Ltd. |
1,24,255 |
0.79 |
1,24,255 |
0.49 |
10. Kedar Shivanand Mankekar |
1,04,600 |
0.67 |
1,04,600 |
0.41 |
v. Shareholding of Directors and Key Managerial Personnel
Each of the Directors and KMP |
Shareholding at the beginning of the year. |
Cumulative Shareholding during the year |
||
No. of Shares |
% of Total Shares of the Company |
No. of Shares |
% of Total Shares of the Company |
|
At the beginning of the year |
- |
- |
- |
- |
Date wise Increase/Decrease in shareholding during the year specifying the reasons for increase/decrease (e.g. allotment/ transfer/ bonus/sweat equity etc): |
- |
- |
- |
- |
At the end of the year |
- |
- |
- |
- |
V. INDEBTEDNESS-
(? In Crores)
Indebtedness of the Company including interest outstanding/accrued but not due for payment |
||||
Secured Loans excluding Deposits |
Unsecured Loans |
Deposits |
Total Indebtedness |
|
Indebtedness at the beginning of the financial year |
||||
i. Principal Amount |
7.24 |
12.28 |
- |
19.52 |
ii. Interest due but not paid |
- |
- |
- |
- |
iii. Interest accrued but not due |
- |
- |
- |
- |
Total (i ii iii) |
7.24 |
12.28 |
- |
19.52 |
Change in Indebtedness during the financial year |
||||
i. Addition |
- |
- |
- |
- |
ii. Reduction |
(4.01) |
(11.15) |
- |
(15.16) |
Net Change |
3.23 |
1.13 |
_ |
4.36 |
Indebtedness at the end of the financial year |
||||
i. Principal Amount |
2.17 |
1.13 |
1.44 |
4.74 |
ii. Interest due but not paid |
- |
- |
- |
- |
iii. Interest accrued but not due |
- |
- |
- |
- |
Total (i ii iii) |
2.17 |
1.13 |
1.44 |
4.74 |
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
S.No |
Particulars of Remuneration |
Amt in Rs |
Amt in Rs |
1) |
Gross Salary |
- |
- |
a) Salary as per provisions contained in Section 17(1) of the Income Tax Act, 1961 b) Value of perquisites under Section 17(2) Income Tax Act, 1961 c) Profits in lieu of salary under Section 17(3) Income Tax Act, 1961 |
- |
- |
|
2) |
Stock Options |
- |
- |
3) |
Sweat Equity |
- |
- |
4) |
Commission - as % of profit - as others specify |
- |
- |
5) |
Others , Please specify |
- |
- |
Total A |
- |
- |
B. Remuneration to other Directors:
(Amt in
C. |
s. No |
Particulars of Remuneration |
Fee for attending board / committee Meetings |
Commission |
Others, please specify |
Total Amount |
1. |
Independent Directors 1. Rajneesh Agarwal 2. Udita Jhunjhunwala 3. Sharad Rustagi |
1,50,000 1,65,000 1,55,000 |
- |
- |
1,50,000 1,65,000 1,55,000 |
|
Total (1) |
4,70,000 |
- |
- |
4,70,000 |
||
2. |
Other Non- Executive Directors 1. Sunil Biyani 2. Swapnil Kothari |
30,000 1,55,000 |
- |
- |
30,000 1,55,000 |
|
Total (2) |
1,85,000 |
- |
- |
1,85,000 |
||
Total (B) = (1 2) |
6,55,000 |
- |
- |
6,55,000 |
||
Total Managerial Remuneration |
||||||
Overall Ceiling as per the Act |
Sitting fees is paid within the limit specified under the Companies Act, 2013. |
|||||
Remuneration to Key Managerial Personnel other than MD / Manager / WTD (Rs in lakhs) |
Sr. No. |
Particulars of Remuneration |
Key Managerial Personnel |
||
Mayank Tandon |
Tanuj Agarwal |
Suchita Rajput |
||
1. |
Gross salary |
25.41 |
6.37 |
2.69 |
a. Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 |
||||
b. Value of perquisites u/s 17(2) of the Income-tax Act, 1961 |
0.88 |
0.13 |
- |
|
c. Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961 |
- |
- |
- |
|
2. |
Stock Option |
- |
- |
- |
3. |
Sweat Equity |
- |
- |
- |
4. |
Commission as % of profit |
- |
- |
- |
5. |
Others, Allowances |
- |
- |
- |
Total |
26.29 |
6.50 |
2.69 |
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
There were no penalties, punishment or compounding of offences during the year ended March 31, 2018.
ANNEXURE ''C TO THE BOARD''S REPORTS
FORM NO. MR. 3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2018
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members
GALAXY ENTERTAINMENT CORPORATION LIMITED
CIN: L51900MH1981PLC024988
Eyelet House, M.S. Patel Compound, Opp. Shah Industrial Estate, Saki-Vihar, Andheri (E), Mumbai - 400 072.
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by GALAXY ENTERTAINMENT CORPORATION LIMITED (CIN: L51900MH1981PLC024988) (hereinafter called the "Company"). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on my verification of the Company''s books, legal papers, minutes books, forms and returns filed and other records maintained by the Company, and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on March 31, 2018, complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
1. I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2018 and made available to me, according to the provisions of:
i. The Companies Act, 2013 ("the Act'') and the rules made thereunder to the extent applicable; ii. The Securities Contracts (Regulation) Act, 1956 CSCRA'') and the rules made thereunder; iii. The Depositories Act, 1996 and the Regulations and bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment and External Commercial Borrowings, as applicable;
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 CSEBI Act''):
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client.
e. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
vi. The Management has identified and confirmed the following laws as specifically applicable to the Company i. Maharashtra Contract Labour (Regulation and Abolition) Rules, 1971, ii. Maharashtra Plastic Carry Bags (Manufacture and Usage) Rules, 2006, iii. Maharashtra State Tax on Professions, Trades, Callings And Employments Act, 1975,
iv. Environment (Protection) Act, 1986,
v. E-Waste (Management and Handling) Rules, 2011, Maharashtra Shops and Establishments Act, 1948,
vi. The Trade Marks Act, 1999,
vii. The Prevention of Food Adulteration Act, 1954,
viii. Food Safety and Standards Act, 2006 and Food Safety and Standards Act, 2011 and applicable general business laws, rules, regulations and guidelines.
2. Provisions of the following Regulations and Guidelines prescribed under the Securities and Exchange Board of India, 1992 CSEBI Act'') were not applicable to the Company during the financial year under report:-
a. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
b. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
c. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 requiring compliance thereof by the Company during the Audit period.
d. The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.
3. I have also examined compliance with applicable clauses of Secretarial Standards including the amended Secretarial standards applicable with effect from 1st October, 2017 issued by the Institute of Company Secretaries of India under the provisions of the Act.
During the Financial year under report, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above.
During the period under review the Company has complied with the provisions of the above mentioned Act, Rules, Regulations, Guidelines and Standards mentioned above subject to the following observation:
⢠The Company has complied with the provisions related to appointment of Key Managerial Personnel in terms of the provisions of Section 203 of the Act and Rules 8 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
⢠The Company has made preferential allotment of 95,79,435 Equity Shares of ? 10/- each fully paidup at a premium of Rs 11/- each & 9,88,744 Compulsorily Convertible Debentures (CCDs) of Rs 100/- each fully paidup having a tenure of 18 months.
We further report that
The Board of Directors of the Company is duly constituted with proper balance of Non-Executive Directors, Independent Directors and Woman Director. No composition of the Board of Directors took place during the financial year under report.
Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance to all Directors and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
None of the members have communicated dissenting views, in the matters/agenda proposed from time to time for consideration of the Board and its Committee thereof, during the year under the report, hence were not required to be captured and recorded as part of the minutes.
I further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. As informed, the Company has responded appropriately to communication received from various statutory / regulatory authorities including initiating actions for corrective measures, wherever found necessary.
For Nidhi Bajaj & Associates |
|
Company Secretaries |
|
Date : July 30, 2018 |
Nidhi Bajaj |
Place : Mumbai |
Proprietor |
ACS- 28907 |
|
COP-14596 |
ANNEXURE ''D'' TO THE BOARD''S REPORT PRACTICING COMPANY SECRETARY''S CERTIFICATE ON CORPORATE GOVERNANCE
To
The Members of Galaxy Entertainment Corporation Limited
I have examined the compliance of conditions of corporate governance by Galaxy Entertainment Corporation Limited ("the Company"), for the financial year ended March 31, 2018, as prescribed in Regulation 17 to 27, 46 (2) (b) to (i) and para C, D, and E of Schedule V of Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations").
The compliance conditions carried out in accordance with the Guidance Note on Certification of Corporate Governance, issued by the Institute of Company Secretaries of India and was limited to a review of the procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of the Corporate Governance as stipulated in the said Listing Regulations. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In my opinion and to the best of my information and according to the explanations given to me and based on the representations made by the Directors and the Management, I certify that the Company has complied with the conditions of Corporate Governance as stipulated in the Listing Regulations.
I state that such compliance is neither an assurance as to future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company.
For Amit Samani & Co.
Company Secretaries
s/d
Amit Samani
Proprietor CP. NO: 7966 Place: Mumbai Date: August 2, 2018
ANNEXURE ''E'' TO THE BOARD''S REPORT CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
[Section 134 (3) (m) of The Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014] A. CONSERVATION OF ENERGY
a) Energy Conservation steps taken;
b) Steps taken by the Company for utilizing alternate sources of energy and
c) Capital investment on energy conservation equipment''s.
Disclosure for (a) to (c): The Company''s operations involve very low energy consumption. Wherever possible energy conservation measures have been implemented and there are no further areas where energy conservation measures can be taken. However, efforts to conserve and optimize the use of Energy through improved Operational methods and other means will continue.
The Company has no collaborations and is engaged in the manufacture of the products by its own developed methods/operations. The Company has setup a Business Intelligence Team whose emphasis is on product development, product quality, Cost reduction, energy conservation and improvement in process productivity.
B.
TECHNOLOGY ABSORPTION Research and Development (R & D):
Specific areas in which R&D is carried out by the Company: |
Nil |
Benefits derived as a result of the above R&D |
|
Future Plan of Action |
|
Expenditure on R & D a. Capital b. Recurring c. Total d. Total R&D expenditure as a percentage of total turnover |
Nil |
C. |
Technology absorption, adaptation and innovation: |
|||
Efforts in brief, made towards technology absorption, adaptation and innovation |
Nil |
|||
Benefit derived like product improvement, cost reduction, product development, import substitution etc. |
Nil |
|||
In case of Imported Technology (imported during the last 5 years reckoned from the beginning of the financial year), following information may be furnished: a) Technology Imported b) Year of Import c) Has technology been fully absorbed d) If not fully absorbed, areas where this has not taken place, reasons therefore and future plan of action |
Nil |
|||
FOREIGN EXCHANGE EARNINGS AND OUTGO |
(Amount in ?) |
|||
Current Year |
Previous Year |
|||
Foreign Exchange Earnings |
- |
- |
||
Foreign Exchange Outgo |
- |
- |
ANNEXURE T'' TO THE BOARD''S REPORTS DECLARATION BY CHIEF EXECUTIVE OFFICER
To
The Members Galaxy Entertainment Corporation Limited
Sub: Declaration regarding compliance with the Company''s Code of Conduct for Directors and Employees
Ref: Regulation 34 (3) read with Part D of Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
I, Mayan Tandon, Chief Executive Officer of Galaxy Entertainment Corporation Limited, hereby declare that all the members of the Board of Directors and Senior Management have affirmed compliances with the Code of Conduct for Directors and Employees of the Company.
for Galaxy Entertainment Corporation Limited |
|
Sd/- |
|
Place: Mumbai |
Mayank Tandon |
Date: August 2, 2018 |
Chief Executive Officer |
Mar 31, 2016
To,
The Members of Galaxy Entertainment Corporation Limited
The Directors take pleasure in presenting the Thirty Fourth Annual Report together with the audited financial statements for the year ended March 31, 2016.
Financial Results
The Company''s financial performance for the year ended March 31, 2016 is summarized below:
Standalone
(Rs,in lakhs)
Particulars |
Year ended |
Year Ended |
31.03.2016 |
31.03.2015 |
|
Revenue from operations |
4284.58 |
4055.67 |
Other Income |
677.42 |
492.75 |
Total Income |
4962.00 |
4548.42 |
Personnel Cost |
203.01 |
344.22 |
Operating and other expenses |
4528.17 |
3811.15 |
Total Expenditure |
4731.18 |
4155.37 |
Profit before Interest, Depreciation and Tax |
230.82 |
393.05 |
Less: Interest |
164.79 |
114.09 |
Less : Depreciation |
268.28 |
264.57 |
Profit/(Loss) before tax |
(202.25) |
14.39 |
Less Provision for Tax |
- |
- |
Profit/(Loss) after Tax |
(202.25) |
14.39 |
Dividend
Your Directors have not recommended any dividend for the financial year ended March 31, 2016.
Internal Controls
The Company has robust internal control systems and procedures commensurate with its nature of business which meets the following objectives:
- providing assurance regarding the effectiveness and efficiency of operations;
- efficient use and safeguarding of resources;
- compliance with policies, procedures and applicable laws and regulations; and
- transactions being accurately recorded and promptly reported.
The Company continues to have periodical audits conducted of all its functions and activities to ensure that systems and procedures are followed across all areas.
The Audit Committee of Directors of the Company regularly reviews the adequacy of internal control systems through such audits. The Internal Auditor reports directly to the Audit Committee.
The Company also has a budgetary control system to monitor expenditure against approved budgets on an ongoing basis.
Internal Financial Controls
The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.
Risk Management
The Board of Directors of the Company has formulated a Risk Management Policy which aims at minimizing the risk and enhancing the value.
The risk management approach is based on a clear understanding of the variety of risks that the organization faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.
Share Capital
The Authorized Share Capital of the Company is Rs, 20,00,00,000/- (Rupees Twenty Crores) divided into 2,00,00,000 equity shares of Rs, 10/- each.
The issued, subscribed and paid up Share Capital of the Company as on March 31, 2016 was Rs, 15,64,99,350/divided into 1,56,49,935 equity shares of Rs, 10/- each.
Subsidiaries
At the beginning of the year, the Company had 2 subsidiaries as follows:
Sr. no. |
Name of the Subsidiary |
% of Holding |
1 |
Galaxy Rain Restaurants Private Limited |
Wholly owned Subsidiary |
2 |
Rain Fruits and More Private Limited |
72.19 % |
As on March 31, 2016, the aforesaid companies ceased to be the subsidiaries of Galaxy Entertainment Corporation Limited consequent to the sale of investments approved by the members of the Company by way of postal ballot on March 29, 2016.
There are no associate or joint venture companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act"). Pursuant to provisions of Section 129(3) of the Act, Form AOC-1 (Annexure ''A'') is attached to this report.
In accordance with Section 136 of the Companies Act, 2013, the audited financial statements and related information of the Company are available on our website, www.thegalaxycorp.com. These documents will also be available for inspection during business hours at our registered office at Mumbai.
Cash Flow Statement
In conformity with the provisions of Regulation 34 of SEBI Listing Regulations, the Cash Flow Statement for the year ended March 31, 2016 has been provided in the Annual Report and which forms part of this report.
Particulars of Employees and other additional information
For the financial year under review, none of the employees of the Company fall under the revised ceiling limits prescribed under Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Details pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been provided under (Annexure ''BO.
Corporate Governance
As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a certificate on corporate governance issued by Mr. Krishna Rathi of M/s. Krishna Rathi & Associates, Practicing Company Secretary, forms part of this report.
Management''s Discussion and Analysis Report
The Management Discussion & Analysis Report as required under Regulation 34 of the Listing Regulations is presented separately and forms part of this report.
Disclosures related to Board, Committees, Policies and number of Board meetings
The Board of Directors met four (4) times during the financial year 2015 -16. The details of board meetings and the attendance of Directors are provided in the Corporate Governance Report which forms part of this Annual Report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013.
Audit Committee
The Audit Committee comprises of Mr. Rajneesh Agarwal, Ms. Udita Jhunjhunwala and Mr. Sharad Rustagi, Independent Directors and Mr. Swapnil Kothari, Non-Executive Director.
Four meetings of the Committee were held during the year. For further details, please refer Corporate Governance Report forming part of the Annual Report.
During the year under review, all the recommendations made by the Audit Committee were accepted by the Board. There were no instances where the Board has not accepted any recommendation of the Audit Committee.
Details of Committees of the Board of Directors along with their terms of reference, composition and meetings held during the year under review, are provided separately in the Corporate Governance Report, which forms part of this Annual Report.
Directors
The Board of Directors of the Company consists of Mr. Rajneesh Agarwal, Ms. Udita Jhunjhunwala and Mr. Sharad Rustagi, Independent Directors, Mr. Sunil Biyani and Mr. Swapnil Kothari, Non-Executive Directors.
Re-appointment
In terms of the provisions of the Companies Act, 2013 and in terms of the Memorandum and Articles of Association of the Company, Mr. Sunil Biyani retires by rotation at the ensuing Annual General Meeting and being eligible seeks re-appointment. The Board recommends his re-appointment.
The brief resume and other information as required under Regulation 36 of SEBI Listing Regulations relating to Mr. Sunil Biyani, forms part of the Notice of ensuing Annual General Meeting. None of the Directors are disqualified for appointment / reappointment under Section 164 of the Companies Act, 2013.
Declarations by Independent Directors
The Company has received individual declarations from all the Independent Directors of the Company stating that they fulfill the criteria of independence as specified under sub-section (6) of Section 149 of the Companies Act, 2013 and Regulation 16 (1) (b) of the SEBI Listing Regulations.
Policy on Director''s Appointment and Remuneration
The Board has, in compliance with Section 178 of the Companies Act, 2013 and on the recommendation of the Nomination, Remuneration & Compensation Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The details of the said policy are stated in the Corporate Governance Report.
Board Evaluation
SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 mandates that the Board shall monitor and review the evaluation framework. The frame work includes the evaluation of directors on various parameters.
The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013, states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated.
The evaluation of all the directors and the Board as a whole was conducted based on the criteria and frame work adopted by the Board. The evaluation process has been explained in the Corporate Governance report.
Code of conduct for prevention of insider trading
The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Insider Trading Policy of the Company lays down guidelines and procedures to be followed, and disclosure to be made while dealing with shares of the Company, as well as the consequences of violation. The policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the highest ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading is available on our website viz. www.thegalaxycorp.com.
Listing
The Company has entered into Listing Agreement with BSE Limited (BSE) during December 2015 in terms of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the listing fee for the year 2016-17 has been paid.
The Company has entered into necessary agreements with the Central Depository Services (India) Limited (CDSL) and National Securities Depository Limited (NSDL) for availing the Depository services.
Extract of Annual Return
Pursuant to the provisions of Section 92 (3) of the Companies Act, 2013, an extract of the Annual Report in prescribed format in form MGT-9 is attached as (Annexure ''C'').
Director''s Responsibility statement:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of directors, to the best of their knowledge and ability, confirm the following:
i. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;
ii. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2016 and of the loss of the Company for the year ended on that date;
iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. they have prepared the annual accounts on a going concern basis;
v. they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively; and
vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
Auditors and Auditors'' Report
M/s. S A R A & Associates., Chartered Accountants, Statutory Auditors of the Company, bearing ICAI Firm Registration No. 120927W, hold office till the conclusion of the Thirty Seventh Annual General Meeting and are eligible for re-appointment. They have confirmed their eligibility to the effect that their re-appointment, if made, would be within the prescribed limits under the Act and they are not disqualified for re-appointment.
The Notes on financial statement referred to in the Auditor''s Report are self - explanatory and do not call for any further comments. The Auditor''s Report does not contain any qualification, reservation or adverse remark or disclaimer.
Secretarial Audit
The Board has appointed Mrs. Nidhi Bajaj of M/s. Nidhi Bajaj & Associates, Practicing Company Secretary, to conduct Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 for the financial year 2015-2016 and for the financial year 2016-2017. The report of the Secretarial Auditor in Form MR-3 is annexed to this report as (Annexure ''D'') to this Report. The Secretarial Auditors Report for the Financial Year 201516 does not contain any qualification, reservation or adverse remark other than appointment of Company Secretary and Managing Director.
Particulars of Contracts or Arrangement with Related Parties
All Related Party Transactions that were entered into during the financial year were on arm''s length and were in the ordinary course of business. All Related Party Transactions were placed before the Audit Committee of the Board of Directors for their approval. The Audit Committee has granted omnibus approval for Related Party Transactions as per the provisions and restrictions contained in the erstwhile Listing Agreement and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
There are no material significant RPTs made by the Company which may have a potential conflict with the interest of the Company at large and thus disclosure in Form AOC -2 is not required. The Board has approved and adopted Policy on Related Party Transactions and the same is uploaded on the Company''s website at www.thegalaxycorp.com.
The Company has formulated a policy on materiality of Related Party Transactions and also on dealing with Related Party Transactions. The Policy is available on the Company''s website www.thegalaxycorp.com.
Disclosure relating to equity shares with differential rights
The Company has not issued any equity shares with differential rights during the year under review and hence no information as per provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.
Disclosure relating to Employee Stock Option Scheme and Employee Stock Purchase Scheme
The Company has not issued or granted any Employee Stock Option Scheme and Employee Stock Purchase Scheme during the year under review and hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.
Disclosure relating to sweat equity shares
The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.
Disclosures in respect of voting rights not directly exercised by employees
There are no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.
Disclosure of Orders passed by Regulators or Courts or Tribunal
No significant and material orders have been passed by any Regulator or Court or Tribunal which can have an impact on the going concern status and the Company''s operations in future.
Detection of Fraud
No Fraud has been reported by the auditors viz. statutory and internal auditors to the Audit Committee or the Board in terms of sub-section (12) of Section 143 of the Companies Act, 2013.
Deposits from Public
The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
Particulars of Loans, Guarantees or Investments
Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
Prevention of Sexual Harassment Policy
The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.
During the year 2015-16, no complaints were received by the Company related to sexual harassment.
Vigil Mechanism
The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms of the Listing Regulations, includes an Ethics & Compliance Task Force comprising senior executives of the Company. Protected disclosures can be made by a whistle blower through an e-mail or a letter to the Task Force or to the Chairman of the Audit Committee. The Policy on vigil mechanism and whistle blower policy may be accessed on the Company''s website viz. http://www.thegalaxycorp.com/Corpopolicecode.html
Remuneration Policy
The Board has, on the recommendation of the Nomination, Remuneration & Compensation 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.
Energy, Technology Absorption and Foreign Exchange
Information required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule, 8(3) of the Companies (Accounts) Rules, 2014, with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo is included in (Annexure ''E'').
Acknowledgement
The Board appreciates and places on record the contribution made by the employees during the year under review. The Board also places on record their appreciation of the support of all stakeholders particularly shareholders, customers, bankers, suppliers and business partners.
Cautionary Note
The statements forming part of the Director''s Report may contain certain forward looking remarks within the meaning of applicable securities laws and regulations. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward looking statements.
For and behalf of the Board of Directors
Sunil Biyani Udita Jhunjhunwala
Place: Mumbai (Director) (Director)
Date: August 12, 2016 DIN: 00006583 DIN: 00120951
Mar 31, 2014
To ,
The Members of Galaxy Entertainment Corporation Limited
The Directors have pleasure in presenting the Thirty Second Annual
Report on the operations of the Company together with the Audited
Statements of Accounts for the financial year ended March 31, 2014.
Financial Performance:
a. Standalone (Rs. in lacs)
Particulars Current Year Previous year
(2013-2014) (2012-2013)
Revenue from operations 3528.60 2802.49
Other Income 443.60 11.38
Total Income 3972.20 2813.87
Personnel Cost 283.88 270.83
Operating and other expenses 3108.76 1279.05
Total Expenditure 3392.64 1549.88
profit before Interest, Depreciation and Tax 579.56 1263.99
Less: Interest 77.16 311.90
Less : Depreciation 472.86 493.93
profit/(Loss) before tax 29.54 458.16
Less Provision for Tax - -
profit/(Loss) after Tax 29.54 458.16
b. Consolidated (Rs. in lacs)
Particulars Current Year Previous year
(2013-2014) (2012-2013)
Revenue from operations 3528.60 2802.49
Other Income 443.60 11.38
Total Income 3972.20 2813.87
Personnel Cost 283.88 270.83
Operating and other expenses 3109.00 1278.54
Total Expenditure 3392.88 1549.37
profit before Interest, Depreciation and Tax 579.32 1264.51
Less: Interest 77.16 311.90
Less : Depreciation 472.86 493.94
profit/(Loss) before tax 29.31 458.67
Less: Provision for Tax - -
profit/(Loss) after Tax 29.31 458.67
DIVIDEND:
With a view to conserve the resources for the future operations, your
Directors have thought it prudent not to recommend any dividend for the
year ended March 31, 2014.
DIRECTORS
The Board of Directors of the Company consists of Mr. Rajneesh Agarwal,
Ms. Udita Jhunjhunwala, Independent Directors, M r. Swapnil Kothari and
M r. Sunil Biyani, Non-Executive Directors.
During the Financial Year 2013-14, M r. Shishir Baijal, Non Executive
Director resigned from the Board w.e.f. May 28, 2013. The Board of
Directors places on record its deep sense of appreciation of the
valuable contributions made by M r. Shishir Baijal as Director.
Pursuant to the provision of section 152 of the Companies Act, 2013 M
r. Sunil Biyani, will retire by rotation at the ensuing Annual General
Meeting. Mr. Sunil Biyani being eligible has offered himself for
reappointment. The Board recommends his re-appointment.
Pursuant to the provisions of Section 149(6) of the Companies Act,
2013, read with clause 49 of the Listing Agreement your Board of
Directors recommends the appointment of Mr. Rajneesh Agarwal and Ms.
Udita Jhunjhunwala, as Independent Directors in terms of Section 150(2)
of the Companies Act, 2013 for a term of five consecutive years
commencing from September 18, 2014 to September 17, 2019.
Pursuant to the provisions of Section 160 of the Companies Act, 2013,
the Company has received a Notice in writing from members of the
Company, signifying their intention to propose the candidatures of the
said two Directors for the offices of Independent Directors of the
Company, respectively at the ensuing Annual General Meeting. In terms
of Section 149 (13) of the Companies Act, 2013, the provisions of
Section 152(6) and (7) of the said Act in respect of retirement of
director by rotation shall not be applicable to appointment of
Independent Directors. None of the above mentioned persons is
disqualified from being appointed as a Director as specified in terms of
Section 164 of the Companies Act, 2013.
The Company has also received the requisite disclosures/declarations
from Mr. Rajneesh Agarwal and Ms. Udita Jhunjhunwala as required under
Section 149 and other applicable provisions of the Companies Act, 2013.
The brief resume and other information as required under Clause
49(IV)(G) of the Listing Agreement relating to Mr. Rajneesh Agarwal,
Ms. Udita Jhunjhunwala and Mr. Sunil Biyani, forms part of the Notice
of ensuing Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT:
As required by the provisions of Section 217 (2AA) of the Companies
Act, 1956, your Directors confirm that:
- in the preparation of the annual accounts, the applicable standards
had been followed along with proper explanations relating to material
departures;
- the Directors selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the
Company for that period;
- the Directors took proper and suffcient care to maintain adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 to safeguard the assets of the Company and for preventing and
detecting fraud and other irregularities; and
- the Directors have prepared the Annual Accounts on a going concern
basis.
FIXED DEPOSITS AND LOANS /ADVANCES:
Your Company has not accepted any deposits from the public, or its
employees during the year under review.
Pursuant to Clause 32 of the Listing Agreement, the particulars of
loans/advances given to subsidiaries have been disclosed in the Annual
Accounts of the Company.
SUBSIDIARY COMPANY:
As on March 31, 2014, the Company has two subsidiaries, namely Galaxy
Rain Restaurants Private Limited and Rain Fruits And More Private
Limited.
FINANCIALS OF SUBSIDIARY COMPANIES:
The Ministry of Corporate Affairs vide General Circular No. 2 / 2011
dated February 8, 2011 has issued directions under Section 212(8) of
the Companies Act, 1956 granting general exemption from applicability
of the provisions of Section 212 of the Companies Act, 1956 in relation
to the attaching of balance sheets and other documents of subsidiary
companies with the Holding Company, subject to fulfllment of the
conditions specified in the said circular.
Your Company has availed the general exemption provided by the
aforesaid circular and accordingly, the documents mentioned in Section
212(1)(a) to (d) of the Companies Act, 1956 relating to Company''s
subsidiaries are not attached to the Balance Sheet of your Company. In
terms of the said circular, your Directors undertake that the annual
accounts of the subsidiary companies and the related detailed
information shall be made available to Members of the Company and its
subsidiary companies seeking such information at any point of time.
Further, the annual accounts of the subsidiary companies shall also be
kept open for inspection by any Members at the registered office of the
Company and of the respective subsidiary company concerned. The
Consolidated Financial Statements presented by the Company include the
financial results of its subsidiary companies. The statement as required
under clause (iv) of the aforesaid circular is also attached to the
financial statements hereto.
CONSOLIDATED FINANCIAL STATEMENT:
In accordance with Accounting Standard (AS-21) on Consolidated
Financial Statement and in compliance with the provisions of Listing
Agreement with the BSE Limited, the audited consolidated financial
statements are provided in the Annual Report.
CASH FLOW STATEMENT:
In Conformity with the provisions of clause 32 of the Listing Agreement
with the BSE Limited, the Cash Flow Statement for the year ended March
31, 2014 has been provided in the Annual Report and which forms part of
this report.
LISTINg:
The equity shares of the Company are listed on the BSE Limited and the
listing fee for the year 2014-15 has been paid.
The Company has entered into necessary agreements with the National
Securities Depository Limited (NSDL) for availing the Depository
services.
AUDITORS:
M/s. S A R A & Associates, Chartered Accountants (Firm Registration No.
120927W), the Statutory Auditor of the Company retire at the ensuing
Annual General Meeting and being eligible, offer themselves for re-
appointment.
As per the recommendation of the Audit Committee, the Board of
Directors recommend the re-appointment of M/s. S A R A & Associates,
Chartered Accountants as Statutory Auditor of the Company for a period
from the conclusion of the ensuing Annual General Meeting till the
conclusion of the Company''s Thirty third Annual General Meeting.
PARTICULARS OF EMPLOYEES:
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
CONSERVATION OF ENERgY, TECHNOLOgY ABSORPTION AND FOREIgN EXCHANgE
EARNINgS AND OUTgO:
Information in accordance with the provisions of Section 217 (1)(e) of
the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 regarding
conservation of energy, technology absorption and foreign exchange
earnings and outgo is given in the Annexure forming part of this
report.
CORPORATE GOVERNANCE:
The Report on Corporate Governance together with a certifcate from M/s.
Krishna Rathi & Associates, Practising Company Secretary, Mumbai,
regarding compliance of requirements of Corporate Governance is annexed
hereto and forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report have been separately
furnished in the Annual Report and forms part of the Annual Report.
ACKNOWLEDGEMENT:
Your Directors takes the opportunity to express their deep sense of
gratitude to the bankers, government authorities, employees, customers,
vendors and suppliers.
Your Director would also like to thank the Members for reposing their
confdence and faith in the Company and its Management.
For and behalf of the Board of Directors
Sd/- Sd/-
Sunil Biyani Udita Jhunjhunwala
(Director) (Director)
DIN: 00006583 DIN: 00120951
Place: Mumbai
Date: August 11, 2014
Mar 31, 2012
The Directors of Galaxy Entertainment Corporation Limited (GECL) take
pleasure in presenting 30th Annual Report on the business and
operations of the Company, together with theaudited accounts for the
year ended March 31,2012.
FINANCIAL RESULTS
(Rs. in Lacs)
Particulars Year Ended Year Ended
31-03-12 31-03-11
Total Income 1736.52 2805.07
Profit/(Loss) before Depreciation
and Tax (PBDT) (261.78) (146.89)
Less: Depreciation 542.65 584.25
Profit /(Loss) before Tax (804.43) (731.14)
- Provision for Tax :Prior year - 18.93
Profit/(Loss) after Tax (804.43) (750.07)
Yearand Period under review:
During the year under review, the turnover of the company has decreased
to Rs.1,736.52 lacs as against Rs.2,805.07 lacs in the corresponding
previous year because of gaming business given on hire basis. Losses
have been increased before Depreciation and Taxation at Rs.261.78 lacs
as against the Loss of Rs.146.89 lacs in the previous year because of
provision of Rs. 150.30 Lacs for Service tax on Rent. After providing
for Depreciation and adjustments for exceptional items, the Company has
reported Net loss of Rs.804.43 lacs.
Dividend
In view of the losses incurred, your Directors regret their inability
to declare any dividend.
Directors'Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that:
The applicable standards have been followed in the preparation of the
annual accounts and there are no material departure;
The Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at March 31,2012 and the loss of the company for the
year ended on that date.
The Directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
The Directors have prepared the Annual Accounts of the Company on a
going concern basis. Directors
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Ashok Ruia and Ms. Udita
Jhunjhunwala, Directors of the Company, shall retire by rotation at the
ensuing Annual General Meeting and being eligible offer themselves for
re-appointment. The Board of Directors recommends their re-appointment.
During the year under review, Mr. Kishore Biyani, Director resigned
from the Board of the Company w.e.f. 11/08/2011. The Board wishes to
place on record its appreciation forthe services rendered by him during
his tenure with the Company.
Details of the Directors to be appointed/ re-appointed at the
forthcoming Annual General Meeting as required
pursuanttoclause49(vi)(a)ofthe listing Agreement are given in the
notice ofthe Annual General Meeting.
Fixed Deposits
During the year under review, the Company has neither accepted nor
renewed any fixed deposits within the meaning of Section 58Aofthe
Companies Act, 1956and rules made thereunder.
Subsidiary Company
Statement pursuant to Section 212 ofthe Companies Act, 1956 together
with the audited financial statements for the year ended March 31, 2012
and the Reports of the Directors and Auditors thereon of Company's
Subsidiaries viz. Galaxy Rain Restaurants Private Limited and Rain
Fruits & More Private Limited are enclosed with the Annual Report and
form part of this report.
Consolidated Financial Statements
In accordance with Accounting Standard (AS-21) on Consolidated
Financial Statements, your Directors provide the audited Consolidated
Financial Statements in the Annual Report. These statements have been
prepared on the basis of financial statements received from
subsidiaries, as approved by their respective Boards.
Auditors
M/s. Haribhakti & Co. Chartered Accountants, the Statutory Auditors of
the Company retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The retiring Auditors have furnished a
certificate of their eligibility for re-appointment under Section
224(1B) ofthe Companies Act, 1956 and have indicated their willingness
to continueto the said office.
Auditors'Comments
Observations, if any, made by the Auditors in their Report read with
relevant notes as given in the Notes on Accounts annexed to the
Accounts, are self explanatory and therefore do not call for any
further comments under Section 217 (3) ofthe Companies Act, 1956.
AuditCommittee
The Company has an Audit Committee comprising of Five Non-Executive
Directors viz. Mr. Atul Ruia, Mr. Rajneesh Agarwal, Mr. Ajay Kejriwal,
Mr. Shishir Baijal and Ms. Udita Jhunjhunwala. Majority of the members
of the Committee are Independent Directors. The Board of Directors has
appointed Mr. Rajneesh Agarwal as the Chairman ofthe Committee.
Conservation of Energy, Research & Development, Technology absorption,
Foreign exchange Earnings and Outgo:
A> Conservation of Energy and Technology Absorption
Considering the Company's business activities, the Directors have
nothing to state in connection with Conservation of Energy and
Technology Absorption.
B) Foreign Exchange Earnings and Outgo
Details of foreign exchange earnings and outgo during the year under
review are given in Note No. 33 and 34, SignificantAccounting Policies
and Notes to Accounts, forming partof audited financial statements.
Particulars as per section 217(2A) of The Companies Act, 1956
The particulars of employees under the provision of section 217 (2A) of
Companies Act, 1956 are not given as no employees was in receipt of
remuneration specified under the said section.
Corporate Governance
As required under the Listing Agreement with Bombay Stock Exchange
Limited, a report on Corporate Governance is given inAnnexure"A"to this
Report.
Management Discussion & Analysis Report
The Management Discussion & Analysis Report as required under Clause 49
of the Listing Agreement is presented separately and forms part of this
Annual Report.
Acknowledgements
The Directors place on record its deep appreciation for the dedicated
services of the executives and staff at all levels of the Company.
Grateful thanks are also due to Company's Bankers, Statutory
Authorities, its patrons and all organizations connected with the
Company.
For and on behalf of the Board
Place: Mumbai Sunil Biyan Udita Jhujhunwala
Date: May 29,2012 Director Director
Mar 31, 2011
The Members
The Directors of Galaxy Entertainment Corporation Limited (GECL) take
pleasure in presenting the 29th Annual Report on the business and
operations of the company, together with the audited accounts for the
year ended March 31,2011.
FINANCIAL RESULTS
(Rs. in Lacs)
Particulars Year Ended Year Ended
31-03-11 31-03-10
Total Income 2805.07 3435.58
Profit/(Loss) before Depreciation
and Tax (PBDT) (146.89) (1150.76)
Less: Depreciation 584.25 724.05
Add: Adjustments for exceptional
items - (125.11)
Add: Prior Period Items - -
Profit/(Loss) before Tax (731.14) (1999.92)
Provision for Tax:
- Current - -
- Prior year 18.93 -
- Deferred
Profit/(Loss) after Tax (750.07) (1999.92)
Add: Balance brought forward (3791.61) (1791.69)
Balance carried to Balance Sheet (4541.68) (3791.61)
Year and Period under review:
During the year under review, the turnover of the company has decreased
marginally to Rs.2805.07 lacs as against Rs.3435.58 lacs in the
corresponding previous year. Significant decrease in operating and
administrative expenses has helped the Company to report reduced Losses
before Depreciation and Taxation at Rs. 146.89 lacs as against the Loss
of Rs.1150.76 lacs in the previous year. After providing for
Depreciation and adjustments for exceptional items, the Company has
reported Net loss of Rs.731.14 lacs.
In view of the losses incurred, certain units reporting substantial
losses on account of high fixed costs have been closed. This shall
enable the management to focus on existing profit making units as well
as to identify new projects with better prospects.
Barring unforeseen circumstances, your Directors are optimistic of
reporting far better results in the year ahead.
Dividend
In view of the losses incurred, your Directors regret their inability
to declare any dividend.
Directors'Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that:
- The applicable standards have been followed in the preparation of the
annual accounts and there are no material departure;
- The Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at March 31,2011 and the loss of the company for the
year ended on that date.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
- The Directors have prepared the Annual Accounts of the Company on a
going concern basis.
Directors
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Ajay Kejriwal and Mr.
Shishir Baijal, Directors of the Company, shall retire by rotation at
the ensuing Annual General Meeting and being eligible offer themselves
for re-appointment. The Board of Directors recommends their
re-appointment.
During the period under review, Mr. Sunil Biyani was appointed as an
Additional Director on the Board of Directors. Mr. Sunil Biyani would
vacate his office on the date of the ensuing Annual General Meeting of
the Company. The Company has received Notice under Section 257 of the
said Act from a shareholder proposing the candidature of Mr. Sunil
Biyani for the office of Director of the Company. Accordingly,
resolution has been proposed in the Notice of the forthcoming Annual
General Meeting of the Company for the appointment of Mr. Sunil Biyani
as a Director of the Company.
Details of the Directors to be appointed / re-appointed at the
forthcoming Annual General Meeting as required pursuant to clause 49
(vi) (a) of the listing agreement are appended here with as Annexurel.
Fixed Deposits
During the year under review, the company has neither accepted nor
renewed any fixed deposits within the meaning of Section 58A of the
Companies Act, 1956 and rules made thereunder.
Subsidiary Company
Statement pursuant to Section 212 of the Companies Act, 1956 together
with the audited financial statements for the year ended March 31, 2011
and the Reports of the Directors and Auditors thereon of Company's
Subsidiaries viz. Galaxy Rain Restaurants Private Limited and Rain
Fruits & More Private Limited, included in the Annual Report, forms a
part of this report.
Consolidated Financial Statements
In accordance with Accounting Standard (AS-21) on Consolidated
Financial Statements, your Directors provide the audited Consolidated
Financial Statements in the Annual Report. These statements have been
prepared on the basis of financial statements received from
subsidiaries, as approved by their respective Boards.
Auditors
M/s. Haribhakti & Co. Chartered Accountants, the Statutory Auditors of
the Company retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The retiring Auditors have furnished a
certificate of their eligibility for re-appointment under Section
224(1B) of the Companies Act, 1956 and have indicated their willingness
to continue in the said office.
Auditors'Comments
Observations, if any, made by the Auditors in their Report read with
relevant notes as given in the Notes to Accounts annexed to the
Accounts, are self explanatory and therefore do not call for any
further comments under Section 217 (3) of the Companies Act, 1956.
Audit Committee
The Company has an Audit Committee comprising of Five Non-Executive
Directors viz. Mr. Atul Ruia, Mr. Rajneesh Agarwal, Mr. Ajay Kejriwal,
Mr. Shishir Baijal and Ms. Udita Jhunjhunwala. Majority of the members
of the Committee are Independent Directors. The Board of Directors has
appointed Mr. Rajneesh Agarwal as the Chairman of the Committee.
Group
Pursuant to intimation from Pantaloon Retail (India) Limited,
Co-promoter(s) and in accordance with Regulation 3(l)(e) of the
Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997 ("SEBI Regulations") regarding
identification of persons constituting "Group" ("within the meaning as
defined in the Monopolies and Restrictive Trade Practice Act, 1969) are
as under. '
Persons constituting "Group" coming within the definition of "Group"
for the purpose of Regulations 3(l)(e) of the Securities and Exchange
Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997, includes the following persons:
1. Pantaloon Retail (India) Limited
2. Mr.Kishore Biyani
3. Mr.Gopikishan Biyani
4. Mr.Laxminarayan Biyani
5. Mr.Vijay Biyani
6. Mr.Sunil Biyani
7. Mr.Anil Biyani
8. Mr.Rakesh Biyani
9. Ms.Ashni Biyani
10. Mr.Vivek Biyani
11. Future Corporate Resources Ltd.
12. PIL Industries Limited
13. Manz Retail Private Limited
14. Future Value Retail Limited
15. Future Ventures lndia Limited
16. Future Realtors India Private Limited
17. Future Capital Investment Private Limited
18. Future Ideas Company Limited
19. Brahmabrata Trading Pvt. Ltd.
20. Eclipse Infrastructure Pvt. Ltd.
21. Saachi Multitrading Pvt. Ltd.
22. Salajung Multitrading Pvt. Ltd.
23. Samreen Multitrading Pvt. Ltd.
24. Sanavi Multitrading Pvt. Ltd.
25. Akar Estate & Finance Pvt Ltd.
26. Silver Base Infrastructure Pvt. Ltd.
27. Gargi Developers Pvt. Ltd.
28. Kishore Biyani HUF
29. Kavi Sales Agency Pvt. Ltd.
30. Softtouch Multitrading Pvt. Ltd.
31. Liquid Foot Infraprojects Pvt. Ltd.
32. Tanushri Infrastructure Pvt. Ltd.
33. Oviya Multitrading Pvt. Ltd.
34. Taraka Infrastructure Pvt. Ltd.
35. Ucchal Infrastructure Pvt. Ltd.
36. Raaka Multitrading Pvt. Ltd.
37. U-Phase Infraprojects Pvt. Ltd.
38. Radha Multitrading Pvt. Ltd.
39. White Circle Mercantile Pvt. Ltd.
40. Raja Infrastructure Pvt. Ltd.
41. White Knight Mercantile Pvt. Ltd.
42. Simple Ton lnvest Trade Pvt. Ltd.
Conservation of Energy, Research & Development, Technology absorption,
Foreign exchange Earnings and Outgo and Export Initiative:
(A) Conservation of Energy and Technology Absorption
Considering the Company's business activities, the Directors have
nothing to state in connection with Conservation of Energy and
Technology Absorption.
(B) Foreign Exchange Earnings and Outgo
Details of foreign exchange earnings and outgo during the year under
review are given in Note No. 9 and 10 of Schedule T Significant
Accounting Policies and Notes to Accounts, forming part of audited
financial statements.
(C) As the company is mainly concentrating on domestic consumption
market, it has not considered any export initiative.
Particulars as per section 217(2A)of The Companies Act, 1956
In accordance with the provisions of Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975, the names and other particulars of employees are to be set out in
the Director's Report, as an addendum thereto. However, as per the
provisions of Section 219(l)(b)(iv) of the Companies Act, 1956, the
Report and accounts, as therein set out, are being sent to all members
of the Company excluding the aforesaid information about the employees.
Any member, who is interested in obtaining such particulars about
employees, may write to the Secretarial Department at the Registered
Office of the Company. In addition, the said information shall be
available for inspection on all working days at the registered office
of the Company.
Corporate Governance
As required under the Listing Agreement with Bombay Stock Exchange
Limited, a report on Corporate Governance is given inAnnexure"A"to this
Report.
Acknowledgements
The Directors place on record its deep appreciation for the dedicated
services of the executives and staff at all levels of the Company.
Grateful thanks are also due to Company's Bankers, Statutory
Authorities, its patrons and all organizations connected with the
Company. Shareholders appreciation of the managements efforts at the
General Meetings of the Company and otherwise, is a great fillip to
strive for better performance year after year.
For and on behalf of the Board
Sunil Biyani Udita Jhunjhunwala
Director Director
Place: Mumbai
Date : May 27, 2011
Mar 31, 2010
The Directors of Galaxy Entertainment Corporation Limited (GECL) take
pleasure in presenting 28th Annual Report on the business and
operations of the company, together with the audited accounts for the
year ended March 31,2010.
FINANCIAL RESULTS
(Rs. in Lacs)
Particulars Year Ended Year Ended
31-03-10 31-03-09
Total Income 3435.58 3718.22
Profit/(Loss) before Depreciation
and Tax (PBDT) (1150.76) (1383.75)
Less: Depreciation 724.05 586.99
Add: Adjustments for exceptional items (125.11) -
Add: Prior Period Items - 41.23
Profit/(Loss) before Tax (1999.92) (1929.51)
Provision for Tax:
- Current - -
- Fringe Benefit - 11.00
Profit/(Loss) after Tax (1999.92) (1940.51)
Add: Balance brought forward (1791.69) 148.82
Balance carried to Balance Sheet (3791.61) (1791.69)
Year and Period under review:
During the year under review, the turnover of the company has decreased
marginally to Rs.3435.58 lacs as against Rs.3718.22 lacs in the
corresponding previous year. Significant decrease in operating and
administrative expenses has helped the Company to report reduced Losses
before Depreciation arid Taxation at Rs. 1150.76 lacs as against the
Loss of Rs. 1383.75 lacs in the previous year. After providing for
Depreciation and adjustments for exceptional items, the Company has
reported Net loss of Rs. 1999.92 lacs.
In view of the high losses incurred, certain units reporting
substantial losses on account of high fixed costs have been closed.
This shall enable the management to focus on existing profit making
units as well as to identify new projects with better prospects.
Barring unforeseen circumstances, your Directors are optimistic of
reporting better results in the year ahead.
Dividend
In view of the losses incurred, your Directors regret their inability
to declare any dividend.
Directors Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that:
- The applicable standards have been followed in the preparation of the
annual accounts and there are no material departure;
- The Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at March 31,2010 and the loss of the company for the
year ended on that date.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
- The Directors have prepared the Annual Accounts of the Company on a
going concern basis.
Directors
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Rajneesh Agarwal and Ms.
Udita Jhunjhunwala, Directors of the Company, shall retire by rotation
at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment. The Board of Directors recommends their
re-appointment.
Mr. Arvind Agrawal was appointed as an Alternate Director to Mr.
Shishir Baijal with effect from 26th May 2010.
During the year under review, Mr. Anil Harish due to his other
pre-occupations had tendered resignation as a Director of the Company.
The Board places on record their deep appreciation for the valuable
contribution made by Mr. Anil Harish during his association as a
Director.
Fixed Deposits
During the year under review, the company has neither accepted nor
renewed any fixed deposits within the meaning of Section 58Aofthe
Companies Act, 1956 and rules made thereunder.
Subsidiary Company
Statement pursuant to Section 212 of the Companies Act, 1956 together
with the audited financial statements for the year ended March 31, 2010
and the Reports of the Directors and Auditors thereon of Companys
Subsidiaries viz. Galaxy Rain Restaurants Private Limited and Rain
Fruits & More Private Limited, included in the Annual Report, forms a
part of this report.
Consolidated Financial Statements
In accordance with Accounting Standard (AS-21) on Consolidated
Financial Statements, your Directors provide the audited Consolidated
Financial Statements in the Annual Report. These statements have been
prepared on the basis of financial statements received from
subsidiaries, as approved by their respective Boards.
Auditors
M/s. Haribhakti & Co, Chartered Accountants the Statutory Auditors of
the Company retire at the ensuing Annual General Meeting and are
eligible for re-appointment. The retiring Auditors have furnished a
certificate of their eligibility for re-appointment under Section
224(1B) of the Companies Act, 1956 and have indicated their willingness
to continue in the said office.
Auditors Comments
Observations, if any, made by the Auditors in their Report read with
relevant notes as given in the Notes on Accounts annexed to the
Accounts, are self explanatory and therefore do not call for any
further comments under Section 217 (3) of the Companies Act, 1956.
Audit Committee
The Company has an Audit Committee comprising of three Non-Executive
Directors viz. Mr. Atul Ruia, Mr. Rajneesh Agarwal, and Ms. Udita
Jhunjhunwala. Majority of the members of the Committee are Independent
Directors. The Board of Directors has been appointed Mr. Rajneesh
Agarwal as the Chairman of the Committee.
Group
Pursuant to intimation from Pantaloon Retail (India) Ltd.,
co-poromoter(s) and in accordance with Regulation 3(l)(e) of the
Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997 ("SEBI Regulations") regarding
identification of persons constituting "Group" ("within the meaning as
defined in the Monopolies and Restrictive Trade Practice Act, 1969) are
as under.
Persons constituting "Group" coming within the definition of "Group"
for the purpose of Regulations 3(l)(e) of the Securities and Exchange
Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997, includes the following persons:
1. Mr. Kishore Biyani
2. Mr. Gopikishan Biyani
3. Mr. Laxminarayan Biyani
4. Mr. Vijay Biyani
5. Mr. Sunil Biyani
6. Mr. Anil Biyani
7. Mr. Rakesh Biyani
8. Ms. Ashni Biyani
9. Mr. Vivek Biyani
10. Future Corporate Resources Limited
11. Pantaloon Industries Limited
12. Varnish Trading Private Limited
13. Manz Retail Private Limited
14. Erudite Trading Private Limited
15. Chaste Investrade Private Limited
16. Future Realtors India Pvt. Limited
17. Future Capital Investment Pvt. Ltd.
18. Future Ideas Company limited
19. Akar Estate & Finance Pvt. Ltd.
20. Pantaloon Retail (India) Ltd.
Conservation of Energy, Research & Development, Technology absorption,
Foreign exchange Earnings and Outgo:
(A) Conservation of Energy and Technology Absorption
Considering the Companys business activities, the Directors have
nothing to state in connection with Conservation of Energy and
Technology Absorption.
(B) Foreign Exchange Earnings and Outgo
Details of foreign exchange earnings and outgo during the year under
review are given in Note No. 9 and 10 of Schedule T Significant
Accounting Policies and Notes to Accounts, forming part of audited
financial statements.
Particulars as per section 217(2A) of The Companies Act, 1956
In accordance with the provisions of Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975, the names and other particulars of employees are to be set out in
the Directors Report, as an addendum thereto. However, as per the
provisions of Section 219(l)(b)(iv) of the Companies Act, 1956, the
Report and accounts, as therein set out, are being sent to all members
of the Company excluding the aforesaid information about the employees.
Any member, who is interested in obtaining such particulars about
employees, may write to the Secretarial Department at the Registered
Office of the Company. In addition, the said information shall be
available for inspection on all working days at the Registered office
of the Company.
Corporate Governance
As required under the Listing Agreement with Bombay Stock Exchange
Limited, a report on Corporate Governance is given in Annexure"A"to
this Report.
Acknowledgements
The Directors place on record its deep appreciation for the dedicated
services of the executives and staff at all levels of the Company.
Grateful thanks are also due to Companys Bankers, Statutory
Authorities, its patrons and all organizations connected with the
Company. Shareholders appreciation of the managements efforts at the
General Meetings of the Company and otherwise, is a great fillip to
strive for better performance year after year.
For and on behalf of the Board
Place : Murnbai Ashok Ruia Arvind Agrawal
Dated : May 28,2010 Director Alternate Director to
Mr. Shishir Baijal