Mar 31, 2015
Dear Members,
The Directors are pleased to present the 23rd Annual Report and the
Audited Accounts for the financial year ended March 31, 2015.
FINANCIAL PERFORMANCE
The Financial performance of your Company, for the year ended March 31,
2015 is summarized below:-
(Rs. In Lacs)
Particulars Standalone
31.03.15 31.03.14
Contract Revenue & Other 694.88 1616.29
Income
Profit before Depreciation, 1.35 (731.8)
Interest & Tax
Less : Depreciation 88.72 35.77
Interest 657.50 746.22 634.01 669.78
Profit before Tax (744.87) (1401.58)
Less : Provision for Tax
Current Tax - -
Deferred Tax (17.01) (2.68)
Fringe Benefit Tax - -
Income Tax for Earlier Year (17.01) (2.68)
Net Profit/(Loss) After Tax (727.86) (1398.90)
Less : Minority Interest - -
Add: Share of Profit of - -
Associate
Net Profit After Minority - -
Interest
Balance b/f from previous 493.52 1892.41
year
Balance available for 493.52 1892.41
appropriations
APPROPRIATIONS
Transfer to General Reserve - -
Balance Carried to Balance (234.34) 493.52
Sheet
Particulars Consolidated
31.03.15 31.03.14
Contract Revenue & Other 700.14 1623.85
Income
Profit before Depreciation, 4.24 (726.13)
Interest & Tax
Less : Depreciation 91.11 749.98 37.20
Interest 658.87 635.95 673.15
Profit before Tax (745.74) (1399.29)
Less : Provision for Tax
Current Tax - -
Deferred Tax (17.01) (2.68)
Fringe Benefit Tax - -
Income Tax for Earlier Year (17.01) (2.34)
Net Profit/(Loss) After Tax (728.73) (1396.60)
Less : Minority Interest 0.07 0.66
Add: Share of Profit of 0.03
Associate
Net Profit After Minority (728.78) (1397.27)
Interest
Balance b/f from previous 475.27 1872.54
year
Balance available for 475.27 1872.54
appropriations
APPROPRIATIONS
Transfer to General Reserve - -
Balance Carried to Balance (253.50) 475.27
Sheet
STATE OF AFFAIR & OPERATIONS REVIEW
During the year under review on a Standalone basis your Company has
registered total income from operation of Rs. 694.88 Lacs as against
Rs. 1616.29 Lacs in the previous year. Reduction in top line was due to
delay in decisions from various clients for tenders submitted by
Company and lower success rates in bids for infrastructure projects
made in a significantly reduction in overall realization of Company.
The profit before Depreciation, interest and tax for the year stood to
Rs. 1.35 Lacs as compared to Rs. (731.80) Lacs in previous year. The
PAT was Rs. (727.86) Lacs against the financial year PAT Rs. (1398.90).
The loss figure occurred during current period is mainly due to write
off various debtors and depreciation figure as the company has
reassessed the useful life of all the tangible fixed assets based on
useful life as provided in the schedule II of Companies Act, 2013.
Depreciation has been provided considering the remaining useful life of
the assets and necessary effect has been given in the accounts.
On Consolidated basis, during the year under review the Total Income of
your company stood to Rs. 700.14 Lacs as against Rs. 1623.85 Lacs in
the previous year. The EBIDT is Rs. 4.24 Lacs from Rs. (726.13) Lacs in
the previous year.
DIVIDEND
Your Directors do not recommend payment of dividend for the year under
review on equity shares in view of the loss incurred.
CHANGE IN NATURE OF BUSINESS, IF ANY
During the year under review, there has been no change in the nature of
business of the Company.
MATERIAL CHANGES AND COMMITMENTS AFTER THE BALANCE SHEET DATE
There have been no material changes and commitments, affecting the
financial position of the Company which have occurred between the end
of the financial year of the Company to which the financial statements
relate and the date of the report.
SUBSIDIARY COMPANIES & ASSOCIATE COMPANIES
As on 31st March 2015, the Company's subsidiaries, step down
subsidiaries, associates and joint venture are as follows:
Its subsidiaries/step-subsidiaries
1. Bengal KDC Housing Dev. Ltd
2. Bengal Kaushalya Nirman Ltd
3. Kaushalya Township Pvt Ltd (Step down Subsidiary)
4. Kaushalya Energy Pvt Ltd
5. Azur Solar KDC Pvt Ltd (Step down Subsidiary)
Its associate
1. Orion Abasaan Pvt Ltd
2. Kaushalya Nirman Pvt Ltd
Its joint venture
1. Kidco-Nacc
During the year KaushalyaNirman Private Ltd, Orion Abasaan Private Ltd
and Kaushalya Township Private Ltd had approached to your Company for
consent to raise Equity Capital from investor to further their projects
which may result in your Company shareholding to become less than 50%.
After due consideration and to unlock value in the projects of the
Subsidiaries (not following within the definition of material
subsidiary as per clause 49(III) (V) of Listing Agreement) and enable
them to raise funds the Board of Directors of your Company gave their
due consent. Your Company shareholdings as on 31st March, 2015 in above
said Companies (previous year subsidiary Companies) after their private
placement and preferential issue are as follows :-
However Bengal KDC Housing Development Ltd holds 34,000(5.22%) in
Kaushalya Township Private Ltd, hence Kaushalya Township Private Ltd is
step down subsidiary of your Company.
A Policy has been formulated for determining the Material Subsidiaries
of the Company pursuant to Clause 49 of the Listing Agreement with the
Stock Exchanges. The said Policy has been posted on the Company's
website at the weblink: http://www.kaushalya.net/KIDCOMATERIAL.pdf
A statement containing the salient features of the financial statements
of each of the subsidiaries & associates in the prescribed format AOC-1
is appended as "Annexure - 1" to this Report. The statement also
provides details of performance and financial positions of the
subsidiaries, associates and joint venture
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Section 129(3) of the Companies Act, 2013, the
Company has prepared Consolidated Financial Statements of the Company
and of all its subsidiary and associate companies, which is forming
part of the Annual Report. As per the provisions of Section 136 of the
Companies Act, 2013, separate audited financial statements of its
subsidiaries are being placed on its website www.kaushalya.net and copy
of separate audited financial statements of its subsidiaries will be
provided to the shareholders on request.
LISTING OF EQUITY SHARES
Your Company's Equity Shares are listed on the BSE Ltd and National
Stock Exchange of India Ltd. The Company paid the annual listing fees
to each of these stock exchanges.
CHANGE IN SHARE CAPITAL
During the year under review, your Company's Authorised Share Capital
has remain unchanged at Rs. 35,00,00,000 (Rupees Thirty Five Crore)
comprising 3,50,00,000 Equity Shares of Rs. 10/- each.
During the year under review, your Company's paid up equity share
capital remain unchanged changed Rs. 34,63,06,300 (Rupees Thirty Four
Crores Sixty Three Lacs Six Thousand) comprising of 3,46,30,630 Equity
Shares of Rs. 10/- each.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND.
During the year your Company has transferred amount of Rs. 163,680/-
Share Application Money due for refund to Investor Education and
Protection fund as per provision of section 125 of Companies Act, 1956.
There has been no delay in transferring amounts to Investor Education
and Protection fund by the Company.
EMPLOYEE STOCK OPTION SCHEME
Your Company has not come out with Employee Stock Option Scheme during
the year.
DIRECTOR
Mr. Ramesh Kumar Mehra (DIN: 00086598), Director retire by rotation at
the forthcoming Annual General Meeting of the Company and not to fill
the vacancy. He does not seek re-appointment and therefore not re-
appoint him as a Director of a Company.
Mrs. Minoti Nath (DIN: 07017530) was appointed as Additional Director
of the Company in the category of Independent Director by the Board in
its meeting held on 13th November, 2014. She shall hold office up to
the date of ensuing Annual General Meeting of the Company and will be
eligible for reappointment as Independent Director. The Company has
received a notice from a member pursuant to Section 160 of the
Companies Act, 2013 stating intent to propose him for the office of
Independent Director under Section 149 of the Companies Act, 2013.
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
During the year Mr. Sakti Pada Banerjee resigned and ceased to be an
Independent Director of the Company w.e.f. 25th June, 2014 due to
health constraints.
The Board has placed on record its appreciation for the outstanding
contributions made by Mr. Sakti Pada Benrjee during his respective
tenures as director of the Company.
Resolutions seeking approval of the members have been incorporated in
the notice of the forthcoming Annual General Meeting. Brief
resume/details relating to Directors who are to be
appointed/re-appointed are furnished in the Explanatory Statement to
the Notice of the ensuing Annual General Meeting as required under the
Code of Corporate Governance.
The members in the last AGM approved reappointment of Mr. Prashant
Mehra as Managing Director. The members also approved appointment of
Mr. Rajesh Kumar Agarwal and Mr. Parag Keshar Bhattacherjee as
Independent Directors.
KEY MANAGERIAL PERSONNEL
In compliance of the provisions of Section 203 of the Companies Act,
2013 the following persons were the key managerial personnel of the
Company:
(a) Mr. Prashant Mehra, Managing Director & Chief Executive Officer
(b) Mr. T.N Mishra, Chief Financial Officer
(c) Mr. Tarkeshwar Singh, Company Secretary.
LOAN/ADVANCES
Pursuant to Clause 32 of the Listing Agreement, the particulars of
loans/advances given to subsidiaries have been disclosed in the Annual
Accounts of your company.
DIRECTORS' RESPONSIBILITY STATEMENT
The Board of Directors of your Company acknowledges the responsibility
for ensuring compliance with the provisions of Section 134(3) (c) read
with Section 134(5) of the Companies Act, 2013 and Clause
49(III)(D)(4)(a) of the Listing Agreement with the Stock Exchanges in
the preparation of the annual accounts for the year ended 31st March,
2015 and state that :
I. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures; if any
II. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent, so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profits of
the Company for that period;
III. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
IV. The Directors have prepared the annual accounts on a going concern
basis;
V. The Directors have laid down internal financial controls for the
Company and such internal financial controls are adequate and operating
effectively; and
VI. There is a proper system to ensure compliance with the provisions
of all applicable laws and such systems are adequate and operating
effectively.
PARTICULARS OF EMPLOYEES
The particulars of employees, as required under Section 197(12) of the
Companies Act, 2013 read with Rule 5(1) and 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, are
given in a separate annexure attached hereto and forms part of this
report as 'Annexure II'.
FIXED DEPOSITS
The Company has not accepted any deposit from the public, and as such,
there are no outstanding deposits in terms of the Companies (Acceptance
of Deposits) Rules, 2014.
NUMBER OF MEETINGS OF THE BOARD
The Board met six times during the financial year, the details are
given in the Corporate Governance Report that forms part of the Annual
Report.
AUDIT COMMITTEE
The Audit Committee was constituted by the Company and the details of
terms of reference of the Audit Committee, number and dates of meeting
held, attendance, among others are given separately in the attached
Corporate Governance Report. During the year there were no instances of
the Board had not accepting the recommendations of the Audit Committee.
WHISTLEBLOWER POLICY
The Company has in place a whistleblower policy to deal with unethical
behavior, victimization, fraud and other grievances or concerns, if
any. The aforementioned whistleblower policy can be accessed on the
Company's website: http://www.kaushalya.net/KDCVIGIL.pdf.
RISK MANAGEMENT POLICY
The Company has a defined Risk Management framework to identify,
assess, monitor and mitigate various risks to key business objectives.
Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing
basis.
The Risk Management Policy provides for identification of risk, its
assessment and procedures to minimize risk. The policy is periodically
reviewed to ensure that the executive management controls the risk as
per decided policy.
NOMINATION & REMUNERATION COMMITTEE
A Nomination & Remuneration Committee was constituted by the Company
and the details of terms of reference, number and dates of meeting
held, attendance, among others are given separately in the Corporate
Governance Report forming part of this Annual Report.
STAKEHOLDERS' RELATIONSHIP COMMITTEE
The composition and terms of reference of the Stakeholders'
Relationship Committee has been furnished in the Corporate Governance
Report forming part of this Annual Report.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Policy of the Company on Directors' appointment and remuneration
including criteria for determining qualifications, positive attributes,
independence of a Director and other matters provided under sub-Section
(3) and (4) of Section 178, is attached as 'Annexure-III' to this
Report. The remuneration policy is stated in the Corporate Governance
Report of this Annual Report.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual evaluation
of its own performance of the individual directors as well as the
working of its Audit, Nomination & Remuneration and Stakeholders
Relationship committees. The manner in which the evaluation has been
carried out has been explained in the attached Corporate Governance
Report integral part of this Annual Report.
INTER-CORPORATE LOANS, GUARANTEES AND INVESTMENTS
The provisions of Section 186 of the Companies Act, 2013 in relation to
loans or guarantee are not applicable to the Company, being an
infrastructure company as defined under Schedule VI to the Act. 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.
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. There were no materially significant related party
transactions made by the Company which may have a potential conflict
with the interest of the Company at large. All related party
transactions were placed before the Audit Committee and also for the
Board approval, wherever required. Prior omnibus approval of the Audit
Committee is generally obtained for the transactions which are of a
foreseen and repetitive nature and these transactions are reviewed by
the Audit Committee on quarterly basis. The policy on related party
transactions as approved by the Board is uploaded on the Company's
website http://www. kaushalya.net/KIDCORELATED.pdf.
The details of transactions entered into with related parties are
attached as 'Annexure IV' in form AOC-2 that form an integral part of
this Report.
EXTRACT OF ANNUAL RETURN
The details forming part of extract of annual return as per Form MGT- 9
is annexed herewith as 'Annexure - V'.
INTERNAL FINANCIAL CONTROL
The Company has in place adequate internal financial control with
reference to the financial statements. During the year, such control
was reviewed and no reportable material weakness was observed.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements as set
out in Clause 49 of the Listing Agreement. The Report on Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
an integral part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges, is presented in a separate section forming part of this
Annual Report.
CEO/CFO CERTIFICATION
As required by Clause 49 of the Listing Agreement, the CEO/ CFO
certification has been submitted to the Board and a copy thereof is
contained elsewhere in this Annual Report.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013,
the Company has appointed M/S. Rinku Gupta & Associates, Company
Secretaries in Practice, to undertake the secretarial audit of the
Company for the financial year 2014-15. The Secretarial Audit Report
for the financial year ended 31st March, 2015 is attached as Annexure
'VI' and forms a part of the reports of the Directors. The observation
made by the secretarial auditors in their report are self-explanatory
and therefore do not call for any further explanations/comments.
AUDITORS & AUDITOR'S REPORT
At the Annual General Meeting held in the year 2014, M/s Sumanta & Co.,
Chartered Accountants, (ICAI Firm Registration No. 322554E) Statutory
Auditors of the Company were re-appointed by the shareholders to hold
office as Statutory Auditors from the conclusion of Annual General
Meeting held in the year 2014 till the conclusion of Twenty Fifth
Annual General Meeting of the Company to be held in the year 2017,
subject to ratification of their appointment at every Annual General
Meeting.
Under Section 139 of the Companies Act, 2013, the Company is required
to place the matter relating to Statutory Auditor's appointment for
ratification by members at every Annual General Meeting.
The Company has received a letter from the Statutory Auditors
confirming that they are eligible for appointment as Auditors of the
Company under Section 139 of the Companies Act, 2013 and meet the
criteria for appointment specified in Section 141 of the Companies Act,
2013.
Based on the recommendations by the Audit Committee, the Board of
Directors of the Company recommends the ratification of appointment of
M/s Sumanta& Co., Chartered Accountants, (ICAI Firm Registration No.
322554E) as Statutory Auditors of the Company by the shareholders at
the ensuing Annual General Meeting.
The observations of the Auditors in their report, read together with
the notes on Accounts, are self-explanatory and therefore, in the
opinion of the Directors, do not call for any further explanation.
COST AUDITORS
The cost audit u/s 148 of Companies Act, 2013 read with its rule is not
applicable for your Company for the financial year ended 31st March,
2015.
CSR COMMITTEE
Pursuant to provisions of section 135(1) of Companies Act, 2013
formation of such committee is not applicable to your Company.
RESTRUCTURING OF DEBTS
The bankers of the company have intimated that the second restructuring
process for the loan accounts, meanwhile classified as non-performing,
has taken considerable time. The same is under process at their end and
the company is following up with the Bankers to expedite the process of
second restructuring of its accounts.
OTHER INFORMATION
The Audit Committee of your company has reviewed the audited financial
statements for the year under review at its meeting held on May 30,
2015 and recommended the same for the approval of the Board of
Directors.
SEXUAL HARASSMENT POLICY
The Company has a Policy on Prohibition, Prevention and Redressal of
Sexual Harassment of Women at Workplace and matters connected therewith
or incidental thereto covering all the aspects as contained under the
"The Sexual Harassment of Women at Workplace (Prohibition, Prevention
and Redressal) Act, 2013".
Up till date, the Company has not received any complaint under the
Policy.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS /
TRIBUNALS
There are no significant material orders passed by the Regulators /
Courts / Tribunals which would impact the going concern status of the
Company and its future operations
ANNEXURES FORMING A PART OF THIS REPORT OF THE DIRECTORS
The Annexures referred to in this report and other information which
are required to be disclosed are annexed herewith and forms a part of
this report of the Directors :
Annexure Particulars
I Details of Subsidiary, Associate and Joint Venture AOC-1.
II Particulars of Employees.
III Policy on selection of directors.
IV Details of RTP in AOC-2.
V Extracts of the Annual Return as per Form MGT-9.
VI Secretarial Audit Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Presently, your company is not engaged in any activity relating to
conservation of energy or technology absorption. During the year under
review, your company has no foreign exchange earnings and outgoes.
APPRECIATION
Your Board of Directors wish to thank the Central Government, the
Government of West Bengal, the financial institutions, its Bankers,
shareholders, customers, dealers and other business associates for the
support received from them during the year. Your Directors place on
record their sincere appreciation for all employees of the Company and
for their unstinted commitment and continued contribution to the
Company.
For and on behalf of the Board
Kolkata Ramesh Kumar Mehra
13th August, 2015 DIN: 00086598
Chairman
Registered office:
HB-170, Sector-III
Salt Lake-Kolkata-700106
CIN-L51216WB1992PLC055629
Mar 31, 2014
Dear Shareholders,
The Directors are pleased to present the 22nd Annual Report and the
Audited Accounts for the financial year ended March 31, 2014.
FINANCIAL PERFORMANCE
The Financial performance of your Company, for the year ended March 31,
2014 is summarized below :- (Rs. in Lacs)
Standalone
31.03.14 31.03.13
Contract Revenue & Other Income 1556.99 2640.73
Profit before Depreciation, Interest (731.80) 526.07
& Tax
Less : Depreciation 35.77 39.42
Interest 634.01 669.78
687.50 726.92
Profit before Tax (1401.58) (200.85)
Less : Provision for Tax
Current Tax - -
Deferred Tax (2.68) 2.34
Fringe Benefit Tax - -
Income Tax for Earlier Year (2.68) 2.34
Net Profit/(Loss) After Tax (1398.90) (203.19)
Less : Minority Interest N.A N.A
Net Profit After Minority Interest N.A N.A
Balance b/f from previous year 1892.41 2095.60
Balance available for appropriations 1892.41 1892.41
APPROPRIATIONS
Transfer to General Reserve - -
Balance Carried to Balance Sheet 493.52 1892.41
Consolidated
31.03.14 31.03.13
Contract Revenue & Other Income 1564.55 2647.29
Profit before Depreciation, Interest
& Tax (726.14) 530.67
Less : Depreciation 37.20 40.39
Interest 635.95 673.15 688.96 729.35
Profit before Tax 1399.29 (198.68)
Less : Provision for Tax
Current Tax -
Deferred Tax (2.68) 2.34
Fringe Benefit Tax - -
Income Tax for Earlier Year (2.68) 2.34
Net Profit/(Loss) After Tax (1396.61) (201.02)
Less : Minority Interest 0 .66 (0.02)
Net Profit After Minority Interest (1397.27) (201.00)
Balance b/f from previous year 1872.54 2073.54
Balance available for appropriations 475.27 1872.54
APPROPRIATIONS
Transfer to General Reserve - -
Balance Carried to Balance Sheet 475.27 1872.54
OPERATIONS REVIEW
During the year under review on a Standalone basis your Company has
achieved total income from operation of Rs.1,556.99 Lacs as against
Rs.2,640.73 Lacs in the previous year. Reduction in top line was due to
lower project pipeline during the year coupled with delays in hand over
of land in projects on hand. The Loss before depreciation, interest and
tax for the year stood to Rs. (731.80) Lacs as compared to Rs.530.67 Lacs
in previous year. The net loss after tax was Rs. (1,398.90) Lacs.
Decline in sales couled with writeoff of unrecoverable debtors and
lower success rates in bids for infrastructure projects resulted in a
significantly reduction in PBDIT.
On Consolidated basis, during the year under review the Total Income of
your company stood to Rs.1564.55 Lacs as against Rs.2,647.29 Lacs in the
previous year. The loss before tax is Rs.(726.13) Lacs as compared to
profit of Rs.530.67 Lacs in the previous year.
DIVIDEND
The Directors of your company have not recommended any dividend on the
Equity Shares for the year under review. CHANGE IN SHARE CAPITAL
During the year under review, your Company''s Authorised
Share Capital has remain unchanged at Rs.35,00,00,000 (Rupees Thirty Five
Crore) comprising 35,000,000 Equity Shares of Rs.10/- each.
During the year under review, your Company''s paid-up share capital
changed from Rs. 19,60,56,300 (Rupees Nineteen Crores Sixty Lacs Fifty
Six Thousand Three Hundred) comprising 1,96,05,630 equity shares of
Rs.10/- each to Rs.34,63,06,300 (Rupees Thirty Four Crores Sixty Three Lacs
Six Thousand Three Hundred) comprising of 3,46,30,630 equity shares of
Rs.10/- each upon conversion of warrants into equity shares. PUBLIC
DEPOSIT AND LOAN/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 your company.
SUBSIDIARY COMPANIES
As on 31st March 2014, the Company''s subsidiaries and step down
subsidiaries are as follows:
1. Bengal KDC Housing Dev. Ltd
2. Bengal Kaushalya Nirman Ltd
3. Kaushalya Township Pvt Ltd
4. Kaushalya Nirman Pvt Ltd
5. Kaushalya Energy Pvt Ltd
6. Orion Abasaan Pvt Ltd
7. Azur Solar KDC Pvt Ltd (Step down Subsidiary) CONSOLIDATED FINANCIAL
STATEMENTS
As stipulated in Clause 41 of the Listing Agreement entered into with
the stock exchanges, your Company has prepared Consolidated Financial
Statements in accordance with the relevant Accounting Standards AS-21
and AS-23 issued by the Institute of Chartered Accountants of India
(ICAI). The Audited Consolidated Financial Statements along with the
Auditors Report thereon form part of the Annual Report.
In accordance with the general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Statement of
Profit and Loss and other documents of the subsidiary companies are not
being attached with the Balance Sheet of the Company. The Annual
Reports for the financial year 2013-14 of the aforesaid subsidiaries
will be made available to the shareholders of the Company upon receipt
of written requests from them. The Annual Reports for the financial
year 2013-14 of the aforesaid subsidiary companies will also be kept
open for inspection by the shareholders at the Registered Office of
your Company and of the subsidiaries concerned between 12.00 p.m. to
2.30 p.m. on any working day.
In compliance with the requirements of the MCA Circular, a Statement
showing relevant details for the year ended March 31, 2014 of the
subsidiaries have been included in the Consolidated Financial
Statements of the Company which forms part of this Annual Report. A
statement pursuant to Section 212(3) of the Companies Act, 1956
regarding extent of interest of the holding company in its
subsidiaries, is attached herewith as Annexure A to this Report.
Your company will make available documents/details of the subsidiary
Company upon request by any member or investor of your
company/subsidiary Company. The Annual accounts of the subsidiary
Company will be kept open for inspection by any investor at the
corporate office of your company and also that of the subsidiary
Company.
LISTING OF EQUITY SHARES
Your Company''s equity shares are listed on the Bombay and National
Stock Exchanges. Your Company paid the annual listing fees to each
stock exchange.
DIRECTORS
Mr. Sakti Pada Banerjee has resigned as a Director of your company
w.e.f. June 25, 2014. The Board places on record their appreciation for
the valuable guidance and services rendered by Director of your
company.
Mr. Parag Keshar Bhattacharjee(holding DIN-00081899) and Mr. Rajesh
Kumar Agarwal (holding DIN-00431195) are the Independent Directors,
whose period of office is liable to determination by retirement of
directors by rotation under the erstwhile applicable provisions of the
Companies Act, 1956. In terms of Section 149 and other applicable
provisions of the Companies Act, 2013, Mr. Parag Keshar Bhattacharjee
and Mr. Rajesh Kumar Agarwal are being eligible and offer themselves
for appointment as Independent Directors for five consecutive years for
a term upto 31st March 2019.
Appropriate resolutions seeking your approval for the same
has already been included in the Notice of the Annual general Meeting.
In the opinion of the Board, Mr. Parag keshar Bhattarcharjee and Mr.
Rajesh Kumar Agarwal fulfill the conditions specified in the Companies
Act, 2013 and rules made thereunder for their appointment as an
Independent Director(s) of the Company and are independent of the
management.
Your company received declarations from all the Independent Directors
of your company confirming that they meet the criteria of independence
as prescribed under Section 149(6) of the Companies Act, 2013.
Mr. Prashant Mehra (holding DIN-00086725) Managing Director of Company
who was appointed for term of office upto 30th September, 2014. The
Board of Directors in its meeting held on 29th August, 2014 re-appoint
him on terms and conditions as specified in Explanatory statement in
Item No. 6 whose office liable to retire by rotation for further term
of 3 years (three years) from 1st October, 2014 to 30th September, 2017
subject to shareholders'' approval in 22nd Annual General Meeting and
Central Government Approval if any required.
Appropriate resolutions seeking your approval for the same has already
been included in the Notice of the Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217 (2AA) of the Companies Act, 1956 your
Directors confirm that:
I. In preparation of the annual accounts, the applicable accounting
standards have been followed.
II. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of your Company at the end of the financial year, and of the profit of
your Company for that year.
III. The Directors have taken proper and sufficient care to maintain
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of your Company and
for preventing and detecting fraud and other irregularities, and
IV. The Directors have prepared the annual accounts on a ''going
concern'' basis.
AUDITORS & AUDITOR''S REPORT
M/s.Sumanta & Co., (Firm registration No. 322554E), Chartered
Accountants, Statutory Auditors of the Company will retire at ensuing
Annual General Meeting and, being eligible, have offered themselves for
re-appointment. The Directors recommend their re-appointment from the
conslusion of forthcoming Annual General Meeting till the conclusion of
25th Annual General Meeting. The notes on accounts referred to in the
Auditors'' Report are self explanatory and therefore do not call for any
further explanation/comments. RESTRUCTURING OF DEBTS
Your company had applied for restructuring of its existing debt via Non
CDR approach to its Bankers in the previous year which was approved by
the bankers. Your company is following the terms and Conditions as
specified by Bankers for restructuring of existing debt of your
company.
OTHER INFORMATION
The Audit Committee of your company has reviewed the audited financial
statements for the year under review at its meettng held on May 30,
2014 and recommended the same for the approval of the Board of
Directors.
PARTICULARS OF EMPLOYEES
The parttculars required under Sectton 217(2A) of the Companies Act,
1956, read with the Companies (Parttculars of Employees) Rules, 1975
are not applicable to your company. CORPORATE GOVERNANCE
As per clause 49 of the equity Listtng Agreement with Stock
Exchange(s), a separate sectton on Corporate Governance practtces
followed by your company together with a Certtficate from your
company''s Auditors confirming compliance forms part of this Report.
CODE OF CONDUCT
The Code of Conduct for the Directors and Senior Management Personnel
has been made applicable to all the Directors whether executtve or
non-executtve including all Senior Management Personnel of your
company. The Board Members and Senior Management Personnel of your
company have affirmed their compliance with the Code of Conduct during
the year and no violatton of the same was reported. The Code of Conduct
is also posted on your company''s website: www.kaushalya.net.
VIGIL MECHANISM / WHISTLE BLOWER POLICY OF YOUR COMPANY
Pursuant to the SEBI''s Circular dated April 17, 2014, all listed
companies shall establish a Vigil Mechanism/Whistle Blower Policy
w.e.f. October 1, 2014. Hence, in Compliance with the provisions of
Sectton 177 of the Companies Act, 2013 and revised Clause 49 of the
Listtng Agreement with the Stock Exchange(s), the Board of Directors of
your company at its meettng held on August 13, 2014, has approved and
adopted Vigil Mechanism/Whistle Blower Policy for employees to
report to the management instances of unethical behaviour, actual or
suspected, fraud or violatton of your company''s code of conduct. The
Whistle Blower policy encourages Directors and employees to bring to
your company''s attentton, instances of unethical behaviour, actual or
suspected incidents of fraud or violatton of your company''s Code of
Conduct that could adversely impact your company''s operattons, business
performance and / or reputatton. Your company investtgates such
incidents, when reported, in an imparttal manner and takes appropriate
actton to ensure that the requisite standards of professional and
ethical conduct are always upheld. It is your company''s policy to
ensure that no employee is victtmised or harassed for bringing such
incidents to the attentton of your company. The practtce of the Whistle
Blower policy is overseen by the Audit Committee of the Board.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Presently, your company is not engaged in any acttvity relattng to
conservatton of energy or technology absorptton. During the year under
review, your company has no foreign exchange earnings and outgoes.
APPRECIATION
Your Board of Directors wish to place on record their sincere
appreciatton for the valuable and conttnued support received from the
Shareholders, Company''s Bankers, Central and State Government
Authorittes, Clients, Consultants, Suppliers, Stock Exchange(s) and all
other Business Associates for the growth of the organizatton. The Board
of Directors also wish to place on record its deep appreciatton for the
services of the devoted executtves, staff members and workers whose
hard work, solidarity, cooperatton and support contributed to its
efficient and successful management and in arriving at this years''
results.
For and on behalf of the Board
Place : Kolkata Ramesh Kumar Mehra
Date : 29th August, 2014 Chairman
Mar 31, 2012
The Directors are pleased to present the 20th Annual Report and the
Audited Accounts for the financial year ended March 31, 2012.
FINANCIAL PERFORMANCE
The Financial performance of the Company, for the year ended March 31,
2012 is summarized below :
(Rs.in Lacs)
STANDALONE
31.03.12 31.03.11
Contract Revenues Other Income 10407.94 9255.07
Profit before Depreciation,
Interests Tax 1187.85 1000.39
Less: Depreciation 41.34 45.21
Interest 684.75 726.09 462.85 508.06
Profit before Tax 461.76 492.33
Less: Provision for Tax
Current Tax 116.68 128.30
Deferred Tax 33.05 33.78
Fringe Benefit Tax - -
Income Tax for Earlier Year - 149.73 43.93 206.01
Net Profit After Tax 312.03 286.32
Less: Minority Interest N.A N.A
Net Profit After Minority
Interest N.A N.A
Balance b/ffrom previous year 1783.57 1497.25
Balance available for appropriation 2095.60 1783.57
APPROPRIATIONS
Transfer to General Reserve 0.00 0.00
Balance Carried to Balance Sheet 2095.60 1783.57
CONSOLIDATED
31.03.12 31.03.77
Contract Revenue &
Other Income 10407.94 9255.07
Profit before Depreciation,
Interest & Tax 1183.00 995.45
Less: Depreciation 42.54 47.60
Interest 685.51 728.05 462.85 510.45
Profit before Tax 454.95 485.00
Less: Provision for Tax 114.86 128.30
Current Tax 33.05 33.78
Fringe Benefit Tax - -
Income Tax for
Earlier Year - 147.91 43.93 206.01
Net Profit After Tax 307.04 278.99
Less: Minority Interest (1.29) (2.12)
Net Profit After
Minority Interest 308.33 281.11
Balance B/f from
Previous Year 1765.21 1484.10
Balance available for
appropriations 2073.54 1765.21
APPROPRIATIONS
Transfer to General Reserve 0.00 0.00
Balance Carried to
Balance Sheet 2073.54 1765.21
OPERATIONS REVIEW
During the year under review on a Stand alone basis your Company has
achieved total income from operation of Rs. 10407.94 Lacs as against
Rs. 9255.07 Lacs in the previous year. The profit before
depreciation, interest and tax for the year stood to Rs. 1187.85 Lacs
as compared to Rs. 1000.39 Lacs in previous year registering a growth
of 18.74%.
On Consolidated basis, during the year under review the Total Income of
the Company stood to Rs. 10407.94 Lacs as against Rs. 9255.07 Lacs in
the previous year. The profit before tax increased to Rs. 1183.00 Lacs
from Rs. 995.45 Lacs registering a growth of 18.84%.
DIVIDEND
The Directors of your Company do not recommend any dividend on the
Equity Shares for the year under review.
PUBLIC DEPOSIT
During the year under review, your Company has not accepted any
deposits from the public.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
As stipulated in Clause 41 of the Listing Agreement entered into with
the stock exchanges, your Company has prepared Consolidated Financial
Statements in accordance with the relevant Accounting Standards (AS-21)
issued by the Institute of Chartered Accountants of India (ICAI). The
Audited Consolidated Financial Statements along with the Auditors
Report thereon form part of the Annual Report.
The Ministry of Company Affairs has granted a general exemption to
Companies, by General Circular No-2011 dated 08.02.2011 under section
212(8) of the Companies Act, 1956, from attaching individual accounts
of the subsidiaries with their annual report.
Accordingly the Board of Directors of the Company has, by resolution,
given consent for not attaching the accounts of its subsidiary in the
annual report of the Company for the financial year ended 31st March,
2012. The financial data of the subsidiary forms part of the Annual
Report.
The Company will make available documents/details of the subsidiary
Company upon request by any member or investor of the
Company/subsidiary Company. The Annual accounts of the subsidiary
Company will be kept open for inspection by any investor at the
corporate office of the Company and also that of the subsidiary
Company.
DIRECTORS
Mr. Shankar Saraf and Mr. Rajesh Kumar Agarwal retire by rotation and
being eligible, offer themselves for re-appointment.
Mr. Pradip Agarwal has resigned from the Directorship of the Company
with effect from 23rd January, 2012. Your Board of directors recorded
its appreciation for the valuable services rendered by Mr. Pradip
Agarwal to the Company.
Mr. Sidh Nath Mehra, Whole-time Director of Company ceased to be the
Director of Company due to sad demise on 1st July, 2012. The Board of
Directors, Management and staff of the Company express their heartfelt
condolence for the sad demise and the Directors of your Company
recorded their appreciation for the valuable contribution made by him
to the Company during his tenure as a Whole-time Director of Company.
Based on the recommendation of the Remuneration Committee and subject
to the approval of the members in the ensuing Annual General Meeting,
Mr. Mahesh Mehra, Non Executive Director of Company has been appointed
as a Whole-time Director of Company for a period of 5 (five) years
w.e.f 4th September, 2012.
None of the Directors of the Company are disqualified for being
appointed as Directors, as specified in Section 274(1) (g) of the
Companies Act, 1956. As required under Clause 49 of the Listing
Agreement the additional information on the Directors seeking
appointment/re-appointment is annexed to the notice.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby confirms that:
i. in the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed and no material departure have been made
from the same;
ii. the directors have selected such accounting policies and applied
them consistently and made judgment and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2012 and of the profit of the Company
for the financial year ended on that date;
iii. the directors have taken proper and sufficient care has been taken
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
iv. the Directors have prepared the annual accounts of the Company on
a''going concern''basis.
AUDITORS & AUDITOR''S REPORT
The Auditor M/s. Sumanta & Co., Chartered Accountants, retires at the
conclusion of the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. They have confirmed that if
reappointed, their appointment will be within the limits under section
224(1B) of the Companies Act, 1956 .
There are no qualifications or adverse remarks in the Auditors'' Report
which require any clarification/explanation. The Notes to accounts
referred to in the Auditors'' Report are self- explanatory, and
therefore, do not call for any further comments/explanation.
PARTICULARS OF EMPLOYEES
During the year under review, no employee of your Company was in
receipt of remuneration in excess of the limits specified under the
provision of Section 217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules, 1975.
MANAGEMENT DISCUSSION & ANALYSIS AND CORPORATE GOVERNANCE REPORT
As per Clause 49 of the Listing Agreement with the Stock Exchanges, the
report on Corporate Governance along with the certificate from the
Auditor of the Company and the Management Discussion & Analysis forms
part of this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Presently, the Company is not engaged in any activity relating to
conservation of energy or technology absorption. During the year under
review, the Company has no foreign exchange earnings and outgoes.
ACKNOWLEDGEMENT
Your Directors would like to record its appreciation for the
cooperation and support received from Government Agencies, Central
Government and State Government, Banks, Shareholders, Employees, and
all who have directly or indirectly contributed in success of your
Company.
For and on behalf of the Board
Place :Kolkata Ramesh Kumar Mehra
Date: November 14, 2012 Chairman
Mar 31, 2010
The Directors are pleased to present the 18th Annual Report and the
audited accounts for the financial year ended March 31, 2010.
FINANCIAL PERFORMANCE (Rs. in Lacs)
STANDALONE CONSOLIDATED
31.03.10 31.03.09 31.03.10 31.03.09
Contract
Revenue &
Other
Income 8336.04 8381.83 8336.04 8383.46
Profit
before
Depreciation,
Interest
& Tax 770.06 668.22 763.83 659.89
Less :
Depreci
ation 46.36 44.06 46.36 44.06
Interest 292.43 338.79 286.98 331.04 292.43 338.79 286.98 331.04
Profit
Before
Tax 431.27 337.18 425.04 328.85
Less :
Provision
for Tax
- Current
Tax 107.85 54.09 107.85 54.09
-
Deferred
Tax 34.20 (80.38) 34.20 (80.38)
- Fringe
Benefit
Tax - - 1.44 - 1.44
- Income
Tax for
Earlier
Year - 142.05 - (24.85) - 142.05 0.37 (24.48)
Net
Profit
After
Tax 289.22 362.02 282.99 353.33
Less
: Minority
Interest N.A N.A (0.98) (2.57)
Net
Profit
After
Minority
Interest N.A N.A 283.97 355.90
Balance
b/f from
previous
year 1208.03 846.01 1200.13 844.23
Balance
available
for
appropriations 1497.25 1208.03 1484.10 1200.13
APPROPRIATIONS
Transfer to
General
Reserve 0.00 0.00 0.00 0.00
Balance
Carried
to
Balance
Sheet 1497.25 1208.03 1484.10 1200.13
OPERATIONS REVIEW
On a stand alone basis your Company has earned a total income of Rs.
8336.04 Lacs in the current financial year as against Rs. 8381.83 Lacs
in the previous year. Your Company has earned a Profit Before Tax of
Rs. 431.27 Lacs as against Rs. 337.18 Lacs incurred in the previous
year registering a growth of 27.9%.
On Consolidated basis, during the financial year under review the Total
Income of the Company is Rs. 8336.04 Lacs as against Rs. 8383.46 Lacs
in the previous year. The Profit Before Tax increased to Rs. 425.04
Lacs from Rs. 328.85 Lacs registering a growth of 29.25%.
DIVIDEND
Your Company is in process of implementing several new projects either
directly/or through its subsidiaries and also actively scanning the
horizon for emerging opportunities. In order to conserve the funds to
meet the investment requirements for such new business opportunities,
which will enhance the shareholdersà value in the long term, the Board
of Directors does not recommend any dividend for the financial year
2009-10.
IPO PROCEEDS
During the year under review the Company has fully utilized Rs. 5700
Lacs raised through IPO.
PUBLIC DEPOSIT
The Company did not invite/accept any deposits from the public during
the year and as such there are no outstanding deposits in terms of the
Companies (Acceptance of Deposits) Rules, 1975.
SUBSIDIARIES
The Company as of March 31, 2010 had six subsidiaries viz. Bengal KDC
Housing Development Limited, Bengal Kaushalya Nirman Limited, Kaushalya
Nirman Private Limited, Kaushalya Township Private Limited, Orion
Abasaan Private Limited, and Kaushalya Energy Private Limited. Further,
in terms of Section 4(1) (c) of the Companies Act, 1956, Kaushalya
Solar Power Private Limited, a wholly owned subsidiary of Kaushalya
Energy Private Limited incorporated on May 19, 2010 is also a
subsidiary of the Company.
In terms of approval granted by the Central Government vide its
letter(s) no. 47/598/2010-CL-III dated June 18, 2010 under Section
212(8) of the Companies Act, 1956, Annual Accounts, Directors and
Auditorsà Report and other related documents of the subsisting
subsidiaries have not been attached with the balance sheet of the
Company. These documents will be made available upon request by any
member of the Company interested in obtaining the same and will also be
kept for inspection in the registered office of your Company and the
registered office of the subsidiaries concerned. The details on the
accounts of the subsidiaries will be put on the Companys website viz.
www.kaushalyainfrastructure.com. As directed by the Central Government,
the financial data of the subsidiaries has been furnished along with
the statement pursuant to Section 212 of the Companies Act, 1956
forming part of the Annual Report. Further, pursuant to Accounting
Standard (AS) -21 prescribed under the Companies (Accounting Standard)
Rules, 2006, Consolidated Financial Statements presented by the Company
include financial information about its subsidiaries.
DIRECTORS
Tenure of Mr. Prashant Mehra as Managing Director of the Company
expired on April 17, 2010. Keeping in view of his extraneous efforts,
the Board has re-appointed Mr. Prashant Mehra as Managing Director of
the Company subject to the approval of shareholders at the ensuing
Annual General Meeting for a further period from April 18, 2010 to
September 30, 2014.
Mr. Pradip Kumar Agarwal was appointed as an Additional Director of the
Company on May 13, 2010. Mr. Agarwal is an Independent Director. In
terms of section 260 of the Companies Act 1956, he shall hold office up
to the date of ensuing Annual General Meeting. A notice has been
received from a member of the Company under Section 257 of the
Companies Act, 1956, proposing his appointment as Director.
Mr. Ramesh Kumar Mehra and Mr. Rajesh Kumar Agarwal retire by rotation
and being eligible offer themselves for reappointment at the ensuing
Annual General Meeting.
The Board of Directors recommends their respective
appointment(s)/re-appointment(s).
The brief resume and other details relating to directors, who are to be
appointed/re-appointed as stipulated under Clause 49 of the Listing
Agreement are furnished in the Annexure to the Notice.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217(2AA) of the Companies
Act, 1956, with respect to Directorsà Responsibility Statement, it is
hereby confirmed that:
a) in the preparation of annual accounts for the financial year ended
March 31, 2010, the applicable accounting standards were followed and
that no material departures were made from the same;
b) the Directors have selected such accounting policies and applied
them consistently and made judgment and estimate 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 &
loss of the Company for the period;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts for the financial
year ended March 31, 2010 on a going concern basis.
AUDITORS AND AUDITORS REPORT
M/s Sumanta & Co., Chartered Accountants, the Statutory Auditors of the
Company holds office till the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment. It is proposed to
re-appoint them as Statutory Auditors of the Company for the year
2010-11 and authorize the Board of Directors to fix their remuneration.
The auditors have, under Section 224(1B) and Section 226 of the
Companies Act, 1956, furnished certificates of their eligibility for
their appointment.
There are no qualifications in the Auditorsà Report calling for
comments by the Board of Directors under Section 217 of the Companies
Act, 1956.
PARTICULARS OF EMPLOYEES
During the year under review, no employee of your Company was in
receipt of remuneration in excess of the limits specified under the
provision of Section 217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules, 1975; hence no such
particulars are annexed.
CORPORATE GOVERNANCE
Your Company believes in adhering to the highest standards of Corporate
Governance and has been benchmarking its policies with the best
corporate practices. A separate detailed report on corporate governance
along with the Auditorsà Certificate for its due compliance are annexed
hereto and form a part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
A Management Discussion and Analysis Report forming part of the
Directorsà Report as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchanges, is discussed in a separate section
of this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars as per Section 217(1)(e) of the Companies Act, 1956, read
with Companies (Disclosure of particulars in the report of Board of
Directors) Rules, 1988, are as under :
A. Conservation of Energy
Though the Companys core activities are not energy intensive,
substantial efforts were made towards energy conservation in all
operational activities. Suitable measures have been taken to maximize
savings in electricity, fuel and power consumption by the judicious use
of equipments, machineries etc. used in the construction.
Total energy consumption and energy consumption per unit as per form -
A of Annexure to the rules of Industries specified in the schedule
thereto :
Not Applicable
B. Technology Absorption
As the Companys main business is civil contract works, the Company has
not undertaken any research & development activity. The technology
adopted and applied is the latest technology available in the Industry
enabling your company to timely complete the challenging tasks
successfully. Many innovative techniques developed and put to effective
use to achieve cost efficiency in the construction activity and to be
more and more competitive in the prevailing environment. Though it is
not possible to quantify the impact, the measures are expected to
result in considerable savings.
C. Foreign Exchange Earnings & Outgo
(Rs.)
Earned Nil
Outgo (Last Yr. Rs. 1, 47,677/-) Nil
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation to the
Banks and Financial Institutions, Central and State Governments
authorities, clients, consultants, suppliers and the investors at large
for their continued co-operation and support and look forward for the
same support in the coming years.
Your Directors also take this opportunity to acknowledge the dedicated
efforts made by employees at all levels for their contribution to the
success achieved by the Company.
For and on behalf of the Board
Place : Kolkata Ramesh Kumar Mehra
Date : August 27, 2010 Chairman
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