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Chamanlal Setia Exports Ltd.

BSE: 530307 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE419D01026
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VOLUME 119920
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P/E 10.28
Mkt Cap.(Rs cr) 378.29
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Sell Price 73.10
Sell Qty 9088.00
OPEN 76.00
CLOSE 76.40
VOLUME 119920
52-Week high 82.45
52-Week low 43.73
P/E 10.28
Mkt Cap.(Rs cr) 378.29
Buy Price 0.00
Buy Qty 0.00
Sell Price 73.10
Sell Qty 9088.00

Chamanlal Setia Exports Ltd. (CHAMANLALSETIA) - Director Report

Company director report

To

The Members

Your Directors have pleasure in presenting before you the 21st Annual Report togetherwith the Audited Statements of Accounts of the Company for the year ended 31st March2015.

1. RICE BUSINESS --------- Performance At A Glance

The Company’s financial performance for the year ended March 31 2015 issummarised below:-

Particulars Amount (in Lacs) Amount (in Lacs)
Y.E. 31.03.2015 Y.E 31.03.2014
Export turnover 40757.82 31762.21
Domestic turnover 10045.08 9844.82
Profit before Intt. & Depreciation 3784.36 3373.47
Interest 531.34 361.27
Provision for Depreciation 298.75 296.94
Profit before Tax 2954.27 2715.26
Provision for Tax 1004.15 891.26
Profit after Tax 1950.12 1823.99
Proposed Dividend 226.39 163.07
Transfer To General Reserve 195.01 182.39
Carried to Balance Sheet 4923.88 3855.56
Current Assets 14404.27 13504.22
Current Liabilities 6932.11 7104.69
Working Capital 7472.16 6399.53
Capital Employed 9639.86 8414.78
EPS 20.98 19.62
Book Value 85.30 72.01

Highlights of Performance:

During the year the export Sales of Company increased at a very handsome pace. This wasthe result of the efforts put in by management through extensive travellings &Exploring new International markets the emphasis was also on attractive packing &brand equity. The increase in profit can be attributed to the Special emphasis of themanagement on Cost Cutting and Control and further to increase in the prices of rice anddollar .

2. Deposits

The Company has not invited/accepted any deposits from the public during the year endedMarch 312015. There were no unclaimed or unpaid deposits as on March 31 2015.

3. Industrial Relation

The Industrial relations remained cordial throughout the year and have resulted insustained growth of the company.

4. Directors and Key Managerial Personnel

Mr. Vijay Setia and Mr. Rajeev Setia are the Directors retire by rotation at theforthcoming Annual General Meeting and being eligible offer themselves for reappointment.

Mr. Amit Mehra (Din No. 01386464) an independent director of Company was not elected inAnnual General Meeting held on 29.09.2014 due to non receipt of requisite vote. Thereforehe got retired from his position & Company in the immediate next Board Meeting (i.e.on 13.10.2014) appointed Mr. Vijay Kumar Jhamb as an additional Director of Company w.e.f.13.10.2014 as per Articles Of Association of Company and in terms of Section 161 (1) ofthe Act and whose term of office expires at the Annual General of whom the Company hasreceived a notice in writing from a member proposing his candidature for the office ofDirector be and is hereby appointed as an Independent Director of the Company to holdoffice for five consecutive years for a term up to 12th October 2019." In the opinionof the Board he fulfill the conditions of independence as specified in Listing Agreementin the Act and Rules made there under.

During the year the Board of Directors also appointed Miss Kanika Nevtia as CompanySecretary w.e.f 31.05.2014 & Mr. Rajeev Setia Executive Director of Company as ChiefFinancial Officer of Company w.e.f 19.08.2014 and Mr. Chaman Lal Setia managing directorof Company is designated as Key Managerial Personnel of Company. None of Directors of thecompany is disqualified under Section 164(2) of the Companies Act 2013 .

5 Conservation Of Energy Technology Absorption Foreign Exchange Earning andOutgoing

Information required under Section 134 (3) (m) of Companies Act 2013 read with Rules 8of Companies (Accounts) Rules 2014 is given in the Annexure –A to this report.

6. Auditors’ Report

The Auditors’ Report does not contain any qualification. The notes on accountsreferred to in the Auditor’s Report are self-explanatory and therefore do not callfor any further Comments.

7. Auditors

The Auditor M/s Rajesh Kapoor & Co Chartered Accountants (ICAI Registration No.92692) retire at the conclusion of the forthcoming Annual General meeting and areavailable for re-appointment. A written certificate & letter has been obtained to thiseffect that their re-appointment satisfies the criteria provided in section 141 of theCompaniesAct 2013 and he is not disqualified for re-appointment

8. Dividend

During the year ended March 31 2015 your Company’s working results were quietimproved on sale as well as profit aspects due to the Management thrust on Cost reductionin all areas of Company’s operations productivity quality improvement andinnovation of new products . Hence keeping in view the aspiration of the shareholders andalso in order to strive balance between the aspiration of shareholders and futureexpansion yours directors recommend a dividend of 20% i.e Rs. 2 per Share basis .

9. Director’s Responsibility

Pursuant to Section 134 (3) (c) & (5) of the Companies Act 2013 Directors herebystate that :-

(a) in the preparation of the annual accounts for the year ended 31st March 2015 theapplicable accounting standards have been followed along with proper explanation relatingto material departures;

(b) the directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financialyear and ofthe profit and loss of the company for that period;

(c) the directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors have prepared the annual accounts on a going concern basis; and (e)the directors have laid down internal financial controls in the company that are adequateand are operating effectively.

(f) the directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and are operating effectively.

10. Credit Rating

There is improvement in Credit rating which is mentioned as below:

Long Term Rating CRISIL BBB+/Stable (Upgraded from CRISIL BBB/Stable)
Short Term Rating CRISIL A2 (Upgraded From CRISIL A3+)

11. Secretarial Audit Report

In terms of Section 204 of the Act and Rules made there under M/s. Sunil Dhawan &Associates Practicing Company Secretary have been appointed as Secretarial Auditors ofthe Company. The report of the Secretarial Auditors is enclosed as Annexure B to thisreport. The report is self- explanatory and do not call for any further comments.

12. Management’s Discussion and Analysis Report

Management’s Discussion and Analysis Report for the year under review asstipulated under Clause 49 of the Listing Agreement with the Stock Exchanges in India ispresented in a separate section forming part of the Annual Report.

13. Corporate Social Responsibility and Governance Committee

In terms of section 135 and Schedule VII of the Companies Act 2013 the Board ofDirectors of your Company have constituted a CSR Committee. The Committee comprises Mr.Parmod Kumar Kukkar (Chairman) Mr. Rajeev Setia & Mr. Vijay Setia as other members.Company has framed policy also details are given in Annexure-C.

14. Corporate Governance

The Company has complied with the Corporate Governance Code as stipulated under theListing Agreement with the Stock Exchange(s) during the year under review. A separatesection on Corporate Governance along with certificate from the Auditors confirming thecompliance is annexed and forms part of the Annual Report.

15. Dematerialisation of Shares

The Company has agreements with both National Securities Depository Ltd and CentralDepository Services Ltd. whereby the Shareholders have an option to dematerialise theirshares with either of the depositories. The company’s shares are traded compulsorilyin demat form under ISIN code INE419D01018 and the percentage of demat shares of theCompany is 91.64%.

16. Listing With Stock Exchange

The Company confirms that it has paid the Annual Listing fee for the year 2015-16 toBSE where the Company’s Shares are listed.

17. Pollution Free Environment: - Company’s Slogan

Company continues its pursuit of free distribution of Neem & Jamun Plants forplantation which helps medical cure and clean environment. The Neem can also be used asbio-pesticide for preventing infestation in food grains.

18. Future Expansion

The Future expansion endeavour of the Company is always a going on process specially inthe field of Quality improvement and development of new product with lower cost and energysavings The Management of the company understands that it has to improve upon to face theever changing circumstances and evolvements globally.

19. Vigil Mechanism/Whistle Blower Policy

The Company has adopted a Whistle Blower Policy to provide a formal mechanism to theDirectors and employees to report their concerns about unethical behavior actual orsuspected fraud or violation of the Company’s Code of Conduct or ethics policy. ThePolicy provides for adequate safeguards against victimization of employees who avail ofthe mechanism and also provides for direct access to the Chairman of the Audit Committee.It is affirmed that no personnel of the Company has been denied access The Whistle BlowerPolicy has been posted on the website of the Company www.maharanirice.in

20. Particulars of contracts or arrangements with related parties

Related party transactions that were entered during the financial year were on anarm’s length basis and were in the ordinary course related party transactions ofbusiness. There were no materially significant with the Company’s PromotersDirectors Management of the Company. The particulars of every or their relatives whichcould have had contract potential conflict or arrangements entered into by theCompany with related parties referred to in sub-section (1) of section 188 of theCompanies Act 2013 has been disclosed in Form No. AOC-2. As Annexure D (Format enclosed).

21. Remuneration Ratio of the Directors / Key Managerial Personnel (KMP) / Employees

Statement containing information as required under Section 197(12) of the CompaniesAct 2013 read with Rule 5 of the Companies (Appointment and Remuneration of ManagerialPersonnel) rules 2014 and Companies (Particulars of Employees) Rules 1975 is annexed asAnnexure E.

22. Development and Implementation of a Risk Management Policy

The Company has been addressing various risks impacting the Company and the policy ofthe Company on risk management is provided elsewhere in this Annual Report in ManagementDiscussion and Analysis.

23. Extract of Annual Return

The details forming part of the extract of the Annual Return in Form MGT-9 is annexedherewith as Annexure-F.

24. Meetings

The Board of Director duly met 18 times during the financial year from 01.04.2014 to 31Corporate Governance Report. The intervening gap between the Meetings was within theperiod prescribed under the Companies Act 2013.

25. Obligation of Company Under the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 :-

As per the applicability of Act named The Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 no such complaint or grievanceoccurred during the year under review.

26. Board Evaluation

Pursuant to the provisions of the Companies Act 2013 and Clause 49 of the ListingAgreement the Board has carried out an annual performance evaluation of its ownperformance the directors individually as well as the evaluation of the working of itsAudit Nomination & Remuneration and Compliance Committees. The manner in which theevaluation has been carried out has been explained in the Corporate Governance Report.

27. Particulars of Employees and Remuneration

None of the employee has received remuneration exceeding the limit as stated in rule5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

28. Remuneration Policy

The Company has adopted a Remuneration Policy for the Directors Key ManagerialPersonnel and other employees pursuant to the provisions of the Companies Act 2013 andClause 49 of the Listing Agreement.

29. Transfer to Reserves

The Company has transferred Rs. 195.01 Lacs to reserves.

30. Declaration by Independent Directors

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed both under the Actand Clause 49 of the Listing Agreement with the Stock Exchanges.

31. Particulars of Loan Given Investment Made Guarantee Given

During the year under review the Company has not advanced any loans/ given guarantees/made investments.

32. Material Changes Between the Date of Board Report and End of the Financial Year

There have been no material changes and commitments if any affecting the financialposition of the Company which have occurred between the end of the financial year of theCompany to which the financial statements relate and the date of the report.

33. Social Objective

Company is not only a Profit Oriented Unit but also meeting its Commitment &Responsibility towards the society by undertaking the following measures :

a) Development of new technique whereby rice could be made Pesticide Residue Free.

b) Development of low cost water filters for poor segment of the society. The Companyhas named the new invention after the name of its Brand as Begum Walter Filter.

c) Project for tackling problem of wastewater logging and treatment of sanitarydischarge in villages is under process.

d) Zero Energy cool chamber development of more cost effective more users friendlycooling system at a very nominal cost.

34. Forfeiture of Shares

The Board of directors at their meeting held on 28.08.2015 considered the list ofshareholders who have not paid their balance amount of allotment money along with theshare premium amount. Company has already given two reminders to all the shareholders& finally on 24.07.2015 Company has given the individual final call money noticealongwith publication in newspapers to all the partly paid shareholders to pay the balanceoutstanding amount towards allotment and share premium due on their holding on or before24.08.2015 failing which the shares held by them shall be liable for forfeiture withoutgiving any further notice. Therefore Board of directors at their meeting held on28.08.2015 decided to forfeit 92200 Shares who have not paid their balance amount ofallotment money along with share premium amount.

Appreciation

The Board of directors thanks company’s customers public shareholders bankersand suppliers. The Board also places on record its appreciation of the services renderedby staff at all levels and look forward to their valued co-operation and contribution inmeeting the future challenges.

For and on behalf of the Board of Directors
Place: Amritsar Chaman Lal Setia
Date: 28.08.2015 Chairman

ANNEXURE-A

(Pursuant to Section 134(3)(m) of the Companies Act 2013 (" the Act") readwith Rule 8(3) of The Companies (Accounts) Rules 2014) and forming part of theDirectors’ Report for the year ended March 31 2015

a) CONSERVATION OF ENERGY

The company has developed a novel process at its Karnal Unit for reducing energy andwater requirement for Paddy Parboiling process and the same has been applied for Patentthrough director

The energy will be utilized just one third of the available with the company and suchsaved energy to the tune of two third can be utilized for other productive purposes.

b) TECHNOLOGY ABSORPTION

(i) Research And Development (R&D)

Various R&D initiatives were undertaken which have resulted in :

a) Development of a system and method for parboiling paddy that obviates husk of paddyfrom splitting

b) Development of 100% insect killing technique by using 1/3rd of Pesticides

c) Development of quick cooking Brown Rice;

d) Use of Neem as Bio-pesticide;

e) Improvement in Parboiling for improvement in quality parameters;

f) Use of Plastic Buckets in parboiling plant thus reducing cost;

g) Development of Bhatti Sella through automation for the first time in India;

h) Development of Fragrant Rice.

i) Reducing broken in paddy with very high sun checks under process.

j) Rice bran stabilization for human consumption under process.

k) Making bio-compost from waste and reject of paddy under process.

(ii) Future plan of action.

a) The Company will try to assist any R&D Unit of any academy/University in thisfield.

(iii) Expenditure on R & D.

a) Wages salaries stores spares & consumable used for R&D activities havebeen debited to Respective Heads.

b) The Company has completely indigenous technology & has not imported anytechnology from abroad.

c) FOREIGN EXCHANGE EARNING & OUTGO

The information in this regard is provided in Notes of Accounts.

ANNEXURE-B

Form No. MR-3

SECRETARIAL AUDIT REPORT

[Pursuant to section 204(1) of the Companies Act 2013 and rule No.9 of the Companies

(Appointment and Remuneration Personnel) Rules 2014]

FOR THE FINANCIAL YEAR ENDED 31st March 2015

To

The Members

Chaman Lal Setia Exports Ltd.

We have conducted the secretarial audit of the compliance of applicable statutoryprovisions and the adherence to good corporate practices by M/S. Chaman Lal Setia Exportsltd. (hereinafter called "the company"). The Secretarial Audit was conducted ina manner that provided us a reasonable basis for evaluating the corporateconducts/statutory compliances and expressing my opinion thereon.

Based on our verification of the Company’s Books Papers Minute Books Forms andReturns filed and other records maintained by the company and also the informationprovided by the Company its officers agents and authorized representatives during theconduct of secretarial audit We hereby report that financial year commencing fromour opinion the company has during the audit period covering the 1st April 2014 andended 31st March 2015 complied with the statutory provisions listed hereunder and alsothat the Company has proper Board-processes and compliance-mechanism in place to theextent in the manner and subject to the reporting made hereinafter:

1) We have examined the books papers minute books forms and returns filed and otherrecords maintained by M/S. Chaman Lal Setia Exports ltd. ("The Company") for thefinancial year ended on 31st March 2015 according to the provisions of:

(i) The Companies Act 2013 (the Act) and the rules made thereunder which have beennotified and the Companies Act 1956 which are still in force;

(ii) The Securities Contracts (Regulation) Act 1956 (‘SCRA’) and the rulesmade 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 madethereunder to the extent of Foreign Direct Investment Overseas Direct Investment andExternal Commercial Borrowings;

(v) The following Regulations and Guidelines prescribed under the Securities andExchange Board of India Act 1992 (‘SEBI Act’) :-

(a.) The Securities and Exchange Board of India (Substantial Acquisition of Shares andTakeovers) Regulations 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading)Regulations 1992;

(c) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2009;

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines 1999

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities)Regulations 2008

(f) The Securities and Exchange Board of India (Registrars to an Issue and ShareTransfer Agents) Regulations 1993 regarding the Companies Act and dealing with client;

(g) The Securities and Exchange Board of India (Delisting of Equity Shares)Regulations 2009; and

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations1998;

vi) Other Laws applicable to the Company

1) The Factories Act 1948.

2) The Water (Prevention & Control Of Pollution) Act 1974 read with Water(Prevention & Control of Pollution) Rules 1975

3) The Air (Prevention & Control of Pollution) Act1981.

4) The Labour Welfare Fund Board

5) Agriculture & Processed Food Product Export Act 1986

6) Food Safety & Standard Act 2006

7) Indian Boilers Act 1923

8) Standard Weight & Measure Act

9) Employees’ State insurance Act

10) The payment of Gratuity Act 1972

11) The Provident Fund & Miscellaneous Provisions Act 1948

12) All other Labour Employee Industrial and other Laws to the extent applicable tothe Company.

2. We have also examined compliance with the applicable clauses of the following: (i)The Secretarial Standards issued by The Institute of Company Secretaries of India. (ii)The Listing Agreements entered into by the Company with the Bombay Stock Exchange Limited.

3. During the financial year under report the Company has complied with the provisionsof the Act Rules Regulations Guidelines Standards etc. as mentioned above subject tothe following observations :-

1) The Company was not required to comply with the following Regulations and Guidelinesprescribed under the Securities and Exchange Board of India Act 1992 (‘SEBI’)as there were no instances during the period under review for the Company to comply with:

(a) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2009.

(b) The Securities and Exchange Board of India (Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines 1999.

(c) The Securities and Exchange Board of India (Issue and Listing of Debt Securities)Regulations 2008

(d) The Securities and Exchange Board of India (Delisting of Equity Shares)Regulations 2009; and

(e) The Securities and Exchange Board of India (Buyback of Securities) Regulations1998

2. The Company has filed all the forms and returns as required under the Companies Act2013. The Company is generally regular in filing the forms and returns within thePrescribed time.

3. The Company has requisite systems and processes to monitor and ensure compliancewith labour and employee related laws environmental laws as applicable to the Company andthe Company is generally regular in making statutory payments and filing of periodicalreturns and forms with the prescribed authorities.

4. We have relied on the information and representation made by the Company and itsOfficersfor systems and mechanism formed by the Company for compliances under otherapplicable Acts Laws and Regulations to the Company.

5. We further report that :

(a) The Board of Directors of the Company is duly constituted with proper balance ofExecutive Directors Non-Executive Directors and Independent Directors. The changes in thecomposition of the Board of Directors that took place during the year under review werecarried out in compliance with the provisions of the Companies Act 2013.

(b) Adequate notice is given to all directors to schedule the Board Meetings agendaand detailed notes on agenda were sent at least seven days in advance and a system existsfor seeking and obtaining further information and clarifications on the agenda itemsbefore the meeting and for meaningful participation of the meeting.

(c) Majority decision is carried through while the dissenting members’ views ifany are captured and recorded as part of the minutes.

6. We further report that there are adequate systems and processes in the Company withthe size and operation of the Company to monitor and ensure compliance with applicablelaws rules regulations and guidelines.

Sunil Dhawan & Associates
(Practising Company Secretary)
Sunil Dhawan
Proprietor
ACS No. 14500
C P No.:3690
Place: Amritsar
Date: 28.08.2015

*This report is to be read with our letter of even date which is annexed as’Annexure A’ and forms an integral part of this report.

‘ANNEXURE A’

To

The Members

Chaman Lal Setia Exports Ltd.

P.O Central Jail Meerankot Road

Amritsar - 143001

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of thecompany. Our responsibility is to express an opinion on these secretarial records based onour audit.

2. We have followed the audit practices and processes as were appropriate to obtainreasonable assurance about the correctness of the contents of the Secretarial records. Theverification was done on test basis to ensure that correct facts are reflected records. Webelieve that the processes and practices we followed provide a reasonable basis for ouropinion.

3. We have not verified the correctness and appropriateness of financial records andBooks of Accounts of the company.

4. Where ever required we have obtained the Management representation about thecompliance of laws rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws rulesregulations standards is the responsibility of management. Our examination was limited tothe verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability ofthe company or of the efficacy or effectiveness with which the management has conductedthe affairs of the company.

Sunil Dhawan & Associates
(Practising Company Secretary)
Sunil Dhawan
Proprietor
ACS No. 14500
C P No.:3690
Place: Amritsar
Date: 28.08.2015

ANNEXURE-C

Annual Report on Corporate Social Responsibilities Activities

(Pursuant to Section 135 of the Companies Act 2013)

1. Brief outline of the Corporate Social Responsibility (CSR Policy)

The Board of Directors (Board) adopted the CSR Policy (Policy) on 01.04.2014 which isavailable on the Company’s website. Our aim is to be one of the most respectedcompanies in India delivering superior and sustainable value to all our customersassociates shareholders employees communities and societies at large. TheCompany’s CSR is in alignment with the initiatives on Eradication of extreme hungerEnhancement of livelihood projects Rural development of host communities PromotingEducation and creating social environmental and economic value to the society.

Web Link :- www.maharanirice.in

2. Composition Of CSR Committee

Name Of The Member Designation
Mr. Parmod Kumar Kukar Chairman
Mr. Rajeev Setia Member
Mr. Vijay Setia Member

3. Average Net Profit of the company for last three financial years:

Average net profit is Rs. 186345911

4. Prescribed CSR Expenditure (Two percent of the amount as in item 3 above)

The company is required to spend Rs. 3726918/-

5. Details of CSR spend for the financial year :

a) Total amount spent for the financial year : Rs. 1137500

b) Amount unspent if any : 2589418/-

c) Manner in which the amount spent during the financial year is detailed below:

Sr. No. CSR Projects or Activities Identi- fied Sector in which project is covered Projects or Pro- grams (1) Local Area or others (2) Specify the state and district where project or pro- grames were undertaken Amount Out- lay (Budget) project or programme wise (Rs. Lakhs) Amount spent on project or programs Subheads (1) Direct Expenditure on project (2) Overheads Cumulative Expendi- ture upto reporting period (Rs. Lakhs) Amount Spent direct or through implement agency *
1. Installation of Solar lights Conser- vation of natural resources & Livelihood Enhance- ment Rural Area Karnal (Haryana) 577500 Direct: 577500 Direct
Rs.577500
Solar Lights were installed in villages for their enlightment & welfare
2 Food Distribution Eradication of hunger Rural Area Am- ritsar (Punjab) 540000 Direct: Rs.540000 1117500 Direct
3. Govt. College For Women Support deserv- ing poor girls with tuitions and book fees Promoting Education Amritsar (Punjab) 20000 Direct: Rs.20000 1137500 Direct

6. Reasons for not spending the prescribed CSR expenditure: CSR commitments are beyondfinancial performance. We are continuously looking at new CSR initiatives to give back tothe society. CSR committee planned to invest CSR amount in various projects covered underSchedule VII of the Companies Act 2013 but as it was first year for spending of CSRamount therefore some projects are still in process and till next year Committee will beable to achieve all its targeted projects. We have always been historically ahead ofregulation and we assure you that all the incomplete projects will be completed this year.

7. The CSR Committee confirms that the implementation and monitoring of the CSR Policyis in compliance with the CSR objectives and Policy of the Company.

Chaman Lal Setia Parmod Kumar Kukkar
(Din No. 01125789) (Din No. 01193710)

ANNEXURE-D

FORM NO. AOC -2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) ofthe Companies (Accounts) Rules 2014.

Form for Disclosure of particulars of contracts/arrangements entered into by thecompany with related parties referred to in sub section (1) of section 188 of theCompanies Act 2013 including certain arms length transaction under third proviso thereto.

1. Details of contracts or arrangements or transactions not at Arm’s length basis.

Sl. No. Particulars Details
a) Name (s) of the related party & nature of relationship NIL
b) Nature of contracts/arrangements/transaction NIL
c) Duration of the contracts/arrangements/transaction NIL
d) Salient terms of the contracts or arrangements or transaction including the value if any NIL
e) Justification for entering into such contracts or arrangements or transactions’ NIL
f) Date of approval by the Board NIL
g) Amount paid as advances if any NIL
h) Date on which the special resolution was passed in General meeting as required under first proviso to section 188 NIL

2. Details of contracts or arrangements or transactions at Arm’s length basis.

SL. No. Particulars Details
a) Name (s) of the related party & SELECT EXPORTS AVN GROUP
b) Nature of Relationship Two of the Directors are interested Two of the Directors are interested
c) Nature of contracts/arrangements/transaction Sale Of Rice Purchase of Pallet
d) Duration of the contracts/arrangements/transaction 01.04.2014 TO 31.03.2015 01.04.2014 to 31.03.2015
e) Salient terms of the contracts or arrangements or transaction including the value if any Rs. 9038125 Rs. 199975
f) Date of approval by the Board 08.05.2014 13.08.2014
g) Amount incurred during the year (Rs. In Lakhs) Rs. 9038125 Rs. 199975

ANNEXURE-E

Details of Ratio of Remuneration of Director

(Section 197 (12) [Pursuant to Rule 5(1) of the Companies (Appointment and Remunerationof Managerial Personnel) Rules 2014]

1. The ratio of the remuneration of each Director to the median remuneration of theEmployees of the Company who were on the payroll of the Company for the Financial Year:& the percentage increase in remuneration of each Director Chief Financial OfficerChief Executive Officer Company Secretary or Manager if any in the Financial Year:

Executive Director Ratio to Median Percentage Increase in Remuneration
Mr. Chaman Lal Setia 13.17 -
Mr. Vijay Setia 13.45 -
Mr. Rajeev Setia 17.09 -
Mr. Sukarn Setia 1.68 -
Mr. Ankit Setia 1.68 -
Mr. Sankesh Setia 1.68 -

2. The percentage increase in the median remuneration of employees in the FinancialYear The percentage increase in the median remuneration of employees during the year is15%.

3. The number of permanent employees on the rolls of Company : 47

4. The explanation on the relationship between average increase in remuneration andCompany performance.

The increase in Company revenue for the financial year 14-15 over 13-14 was 18.10 % andaverage increase given to employees was 15 %. The average increase in remuneration is notbased on Company’s performance alone but also takes into consideration other factorslike benchmark data average increase being given by peer companies and overall budgetaryimpact within the Company.

5. Comparison of the remuneration of the Key Managerial Personnel against theperformance of the Company:

The remuneration of the Key Managerial Personnel was 0.227% of the revenue and 5.91% ofprofit.

6. Variations in the market capitalisation of the Company price earnings ratioas at the closing date of the current Financial Year and previous Financial Year

Particulars 31.03.2015 31.03.2014
Market Capitalization (in Lacs) 7123.72 3229.42
Price Earning Ratio 3.57 1.73

7. Percentage Increase over Decrease in the market quotations of the shares ofthe Company in comparison to the rate at which the Company came out with the last PublicOffer in case of listed companies:

The Company had come out with initial public offer (IPO) in 1995. The share price ofthe company was Rs. 40/- per share including Rs. 30/- towards premium per share of theface value of Rs. 10/- per share. Share price of the Company quoted on BSE on 31st March2015 was Rs. 75.00 per share of Company. Percentage increase in the Net-worth of theCompany was 18.50% as compared to previous year.

7 (a) Average percentile increase already made in the salaries of employeesother than the managerial personnel in the last Financial Year and its comparison with thepercentile increase in the managerial thereof and point out if there are any exceptionalcircumstances for remuneration and justification increase in the managerial remuneration:

The percentage increase in the salaries of employees other than Managerial Personnel inFinancial Year 2014-15 was 15 % as against an increase of 0% in the salary of theManaging Director (Managerial Personnel as defined given to employees are based on theirpotential performance and contribution which is also benchmarked against applicableIndustry norms.

8. Comparison of the each remuneration of the Key Managerial Personnel againstthe performance of the Company:

Name of the Director % of the revenue % of PAT
Mr. Chaman Lal Setia 0.096 2.52
Miss Kanika Nevtia 0.047 0.12
Mr. Rajeev Setia 0.12 3.27

9. Key parameters for any variable component of remuneration availed by thedirectors :-

The key parameters for the variable component of remuneration availed by the directorsare considered by the Board of Directors based on the recommendations of the Nominationand Compensation-cum-Remuneration Committee as per the Remuneration Policy for DirectorsKey Managerial Personnel and other Employees.

10. The ratio of the remuneration of the highest paid director to that of the employeeswho are not directors but receive remuneration in excess of the highest paid directorduring the year

Not applicable. There are no such employees who are getting paid more than the highestpaid Director during the current financial year.

11. Affirmation that the remuneration is as per the Remuneration Policy of the Company.

It is affirmed that the remuneration paid is as per the Remuneration Policy forDirectors Key Managerial Personnel and other employees adopted by the Company.

ANNEXURE-F

EXTRACT OF ANNUAL RETURN

FORM NO. MGT 9

(Pursuant to Section 92 (3) of the Companies Act 2013 and rule 12(1) of the Company

(Management & Administration) Rules 2014.)

Financial year ended on 31.03.2015

I. REGISTRATION & OTHER DETAILS:

1. CIN L51909PB1994PLC015083
2. Registration Date 015083
3. Name of the Company CHAMAN LAL SETIA EXPORTS LTD.
4. Category/Sub-category of the Company COMPANY LIMITED BY SHARES
INDIAN NON GOVERENMENT COMPANY
5. Address of the Registered office & contact details P O Central Jail Meeran Kot Road Amritsar-143001 Punjab
0183-2590318 & 0183-2592708
Email id :- clsetia@rediffmail.com
Website :- www.maharanirice.in
6. Whether listed company Yes (Listed in BSE)
7. Name Address & contact details of the Registrar & Transfer Agent if any. BEETAL FINANCIAL & COMPUTER SERVICES (P) LTD. IIIRD FLOOR 99 MADANGIR (NEAR DADA HARSUKH DASS MANDIR) NEW DELHI
Email id :- beetalrta@gmail.com

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:

All the business activities contributing 10% or more of the total turnover of thecompany shall be stated

S. No. Name and Description of main products / services NIC Code of the Product/ service % to total turnover of the company
1 RICE MILLING 10612* 100%

*as per national industrial classification-Ministry of Statistics and ProgrammeImplementation.

III. PARTICULARS OF HOLDING SUBSIDARY & ASSOCIATE COMPANIES:

S. No. Name & Address of the Company CIN/GLN Holding/Subsidary/ Associate % of Shares Held Applicable Section
NIL

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

Category-wise Share Holding

Category of Shareholders No. of Shares held at the beginning of the year 1st April 2014 No. of Shares held at the end of the year 31st March 2015 % Change during the year
Demat Physical Total % of Total Shares Demat Physical Total % of Total Shares
A. Promoters
(1) Indian
a) Individual/ HUF 6816601 109500 6926101 72.92 6799899 107100 6906999 72.72 0.20
b) Central Govt 0 0 0 0 0 0 0 0 0
c) State Govt(s) 0 0 0 0 0 0 0 0 0
d) Bodies Corp. 0 0 0 0 0 0 0 0 0
e) Banks / FI 0 0 0 0 0 0 0 0 0
f) Directors & their relative 155300 1500 156800 1.65 155300 1500 156800 1.65
f) Any other
Sub Total (A) (I) 6971901 111000 7082901 74.57 6955199 108600 7063799 74.37 0.20
2. FOREIGN
a. Individuals (Non Residents Individuals /Foreign Individuals) 0 0 0 0 0 0 0 0 0
b. Bodies Corporate 0 0 0 0 0 0 0 0
c. Institutions 0 0 0 0 0 0 0 0 0
d. Qualified Foreign Investor 0 0 0 0 0 0 0 0 0
e. Any Others (specify) 0 0 0 0 0 0 0 0 0
Sub Total (A)(2) 0 0 0 0 0 0 0 0 0
Total Shareholding of promoter and Promoter Group(A) = (A)1+(A)(2) 6971901 111000 7082901 74.57 6955199 108600 7063799 74.37 0.20
(B) Public Shareholding
1 Institution
(A) Mutual Funds/UTI 0 0 0 0 0 0 0 0
(b) Financial Institutions/ Banks 0 0 0 0 0 0 0 0 0
(c) Central Goverenment/ State Goverenment (s) 0 0 0 0 0 0 0 0 0
(d) Venture Capital Funds 0 0 0 0 0 0 0 0 0
(e) Insurance Companies 0 0 0 0 0 0 0 0 0
(f) Foreign Institutional Investors 0 0 0 0 0 0 0 0 0
(g) Foreign Venture Capital Investors 0 0 0 0 0 0 0 0 0
(h) Qualified Foreign Investors 0 0 0 0 0 0 0 0 0
(i) Any Other (specify) 0 0 0 0 0 0 0 0 0
Sub Total (B) (I) 0 0 0 0 0 0 0 0 0
B2 . Non-Institutions
a) Bodies Corp. 224750 189200 413950 4.358 211955 189200 401155 4.22 0.138
b) Individuals
i) Individual shareholders holding nominal share capital up to Rs. 1 lakh 966521 341711 1308232 13.77 903093 330911 1234004 12.99 0.78
ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh 376910 164900 541810 5.70 553127 164900 718027 7.56 1.86
c) Qualified Foreign Investor 0 0 0 0 0 0 0 0 0
(d) Any Other (specify) 0 0 0 0 0 0 0 0 0
(d-i) Non Resident Indians 2050 0 2050 0.02 6217 0 6217 0.07 0.05
(d-ii) Clearing Members 3991 0 3991 0.04 3989 0 3989 0.04 0
(d-iii) HUF 145366 0 145366 1.53 71109 0 71109 0.75 0.78
(d-iv)Overseas Corporate Bodies 0 0 0 0 0 0 0 0 0
(d-v) Foreign Nationals 0 0 0 0 0 0 0 0 0
(d-vi)Trusts 0 0 0 0 0 0 0 0 0
(d-vii) Foreign Bodies Corporates 0 0 0 0 0 0 0 0 0
Sub-total (B)(2):-
Total Public Shareholding (B)=(B)(1)+ (B)(2) 1719588 695811 2415399 25.43 1749490 685011 2434501 25.63 0.20
C. Shares held by Custodian for GDRs & ADRs 0 0 0 0 0 0 0 0 0
Grand Total (A+B+C) 8691489 806811 9498300 100 8704689 793611 9498300 100 0

B) Shareholding of Promoter-

S. No. Shareholder’s Name No. of Shares held at the beginning of the year 1st April 2014 No. of Shares held at the end of the year 31st March 2015 % change in share holding during the year
No. of Shares % of total Shares of the company % of shares pledged encumbered to total shares No. of Shares % of total Shares of the company %of Shares Pledged / encumbered to total shares
1 Aaksha Khanna 100 0.00 0 100 0.00 0 0
2 Sushma 100 0.00 0 100 0.00 0 0
3 Chaman lal Setia 200 0.00 0 200 0.00 0 0
4 Lajwanti 500 0.01 0 500 0.01 0 0
5 Kali Ram Suresh kumar 700 0.01 0 700 0.01 0 0
6 Vijender Mann 700 0.01 0 700 0.01 0 0
7 Vipan Kapoor 700 0.01 0 700 0.01 0 0
8 Mukesh Kumar Anand 700 0.01 0 0 0 0 100%
9 Jagjit Singh 700 0.01 0 700 0.01 0 0
10 Des Raj Aggarwal 700 0.01 0 700 0.01 0 0
11 Madan lal Shashi Bhushan 700 0.01 0 700 0.01 0 0
12 Meena Kumari 700 0.01 0 700 0.01 0 0
13 Sunil Kumar 700 0.01 0 700 0.01 0 0
14 Janak Raj Kapoor 700 0.01 0 700 0.01 0 0
15 Manu Kapoor 700 0.01 0 700 0.01 0 0
16 Rajindera Mashukar Deval 700 0.01 0 0 0 0 100%
17 Anu Radha 700 0.01 0 700 0.01 0 0
18 Neeru Wadhwa 700 0.01 0 700 0.01 0 0
19 Manoj Ahuja 1000 0.01 0 1000 0.01 0 0
20 Renu Bajaj 1000 0.01 0 1000 0.01 0 0
21 Shefali 1000 0.01 0 1000 0.01 0 0
22 Rani Shastri 1000 0.01 0 1000 0.01 0 0
23 Pushpa Peshawaria 1000 0.01 0 0 0 0 100%
24 Rajiv Mehra 1000 0.01 0 1000 0.01 0 0
25 Rajiv Mehra 1000 0.01 0 0 0 0 100%
26 Bhupinder Nath Seth 1400 0.01 0 1400 0.01 0 0
27 Sukarn Setia 1500 0.02 0 1500 0.02 0 0
28 Manpreet Kaur 1650 0.02 0 0 0 0 100%
29 Neelam Setia 2900 0.03 0 2900 0.03 0 0
30 Manju Ahuja 3899 0.04 0 3899 0.04 0 0
31 Satya Paul Dilawari 7700 0.08 0 7700 0.08 0 0
32 Neelam 13000 0.14 0 13000 0.14 0 0
33 Sanjeev Kishore 13400 0.14 0 13400 0.14 0 0
34 Rajiv Mehra 14052 0.15 0 0 0 0 100%
35 Sushma Setia 16000 0.17 0 16000 0.17 0 0
36 Sushma 39100 0.41 0 39100 0.41 0 0
37 Neelam 39100 0.41 0 39100 0.41 0 0
38 Master Ankit Setia 50000 0.53 0 50000 0.53 0 0
39 Sankesh Setia 50000 0.53 0 50000 0.53 0 0
40 Sukarn Setia 55300 0.58 0 55300 0.58 0 0
41 Rajeev Kumar 125200 1.32 0 125200 1.32 0 0
42 Chaman Lal Setia 2109100 22.21 0 2109100 22.21 0 0
43 Rajeev Setia 2253100 23.72 0 2253100 23.72 0 0
44 Vijay Kumar Setia 2268800 23.89 0 2268800 23.89 0 0

C) Change in Promoters’ Shareholding (please specify if there is no change)

S. NO. Particulars 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
1. At the beginning of the year No Changes in Promoters Shareholding during the year
2. Date Wise increase/decrease in Promoters Shareholding during the year specifying the reasons for increase/decrease (e.g allotment/ transfer/bonus/sweat equity etc.) No Changes in Promoters Shareholding during the year
3. At the end of the year No Changes in Promoters Shareholding during the year

D) Shareholding Pattern of top ten Shareholders:

(Other than Directors Promoters and Holders of GDRs and ADRs):

SN Name of Shareholder Shareholding
For each of the Top Shareholders No. of shares % of total shares of the company
1 Sabeena
At the beginning of the year 83600 0.880
At the end of the year 83600 0.880
2 Sunaina
At the beginning of the year 68900 0.725
At the end of the year 68900 0.725
3 Sameer Kishore
At the beginning of the year 48500 0.511
At the end of the year 48500 0.511
4 Hemlata Dineshkumar Jain
At the beginning of the year 39100 0.412
At the end of the year Nil Nil
5 Neelam Mittal
At the beginning of the year 32499 0.342
At the end of the year Nil Nil
6 Pinky Saluja
At the beginning of the year 28842 0.304
At the end of the year 28842 0.304
7 Umesh Chandulal Gandhi
At the beginning of the year 27567 0.290
At the end of the year 27567 0.290
8 Karuna Mehra
At the beginning of the year 26752 0.282
At the end of the year Nil Nil
9 Jollyben Bharatkumar Jain
At the beginning of the year 19600 0.206
At the end of the year Nil Nil
10 Kamlaben Babulal Jain
At the beginning of the year 19600 0.206
At the end of the year Nil Nil

e) Shareholding of Directors and Key Managerial Personnel:

SN Shareholding of each Directors and each Key Managerial Personnel 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
1 Shareholding of key Managerial Personnel:
Mr. Chaman Lal Setia (Managing Director)
At the beginning of the year 2109300 22.21% 2109300 22.21%
At the end of the year 2109300 22.21% 2109300 22.21%
2. Ms. Kanika Nevtia NIL NIL NIL NIL
Company Secretary
At the beginning of the year
At the end of the year
3. Mr. Rajeev Setia (Executive Director & Chief Financial Officer)
At the beginning of the year 2378300 25.04% 2378300 25.04%
At the end of the year 2378300 25.04% 2378300 25.04%
4. Shareholding of Directors
Mr. Vijay Setia
At the beginning of the year 2268800 23.89% 2268800 23.89%
At the end of the year 2268800 23.89% 2268800 23.89%
5. Mr. Sukarn Setia
At the beginning of the year 56800 0.60% 56800 0.60%
At the end of the year 56800 0.60% 56800 0.60%
6. Mr. Sankesh Setia
At the beginning of the year 50000 0.53% 50000 0.53%
At the end of the year 50000 0.53% 50000 0.53%
7. Mr. Ankit Setia
At the beginning of the year 50000 0.53% 50000 0.53%
At the end of the year 50000 0.53% 50000 0.53%
8. Mr. Inder Dev Kukkar
At the beginning of the year 300 0.003% 300 0.003%
At the end of the year 300 0.003% 300 0.003%
9. Mr. Parmod Kumar Kukar 300
At the beginning of the year 300 0.003% 300 0.003%
At the end of the year 0.003% 300 0.003%
10. Mr. Raghav Peshawaria NIL NIL NIL NIL
At the beginning of the year
At the end of the year
11. Mr. Naresh Kumar Suneja NIL NIL NIL NIL
At the beginning of the year
At the end of the year
12. Mrs. Amar Jyoti Bagga
At the beginning of the year 500 0.005% 500 0.005%
At the end of the year 500 0.005% 500 0.005%
13. Mr. Vijay Kumar Jhamb NIL NIL NIL NIL
At the beginning of the year
At the end of the year

F) INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued butnot due for payment.

Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 438307872 172270805 0 610578677
ii) Interest due but not paid 0 0
iii) Interest accrued but not due 0 0
Total (i+ii+iii) 438307872 172270805 0 610578677
Change in Indebtedness during the financial year 0
* Addition 0 0 0 0
* Reduction 106057404 4602651 0 110660055
Net Change 0
Indebtedness at the end of the financial year 0
i) Principal Amount 332250468 167668154 0 499918622
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 332250468 67668155 0 499918622

XI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL-

A. Remuneration to Managing Director Whole-time Directors and/or Manager:

SN Particulars of Remuneration Name of MD/WTD
Chaman Lal Setia Vijay Setia Rajeev Setia Sukarn Setia Ankit Setia Sankesh Setia Total Amount
Managing Director Whole Time Director Whole Time Director & CFO Whole Time Director Whole Time Director Whole Time Director Whole Time Director
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act 1961 4800000 4800000 4800000 600000 600000 600000 16200000
(b) Value of perquisites u/s 17(2) Income-tax Act 1961 119154 222105 1580469 28800 28800 28800 2008128
(c) Profits in lieu of salary under section 17(3) Income- tax Act 1961 - - - - - - -
2 Stock Option - - - - - - -
3 Sweat Equity - - - - -- - -
4 Commission - - - - 5000000 - 5000000
- as % of profit
- others specify…
5 Others please specify - - - - - - -
Total (A) 4919154 5022105 6380469 628800 5628800 628800 23208128
Ceiling as per the Act 5% of net profit 5% of net profit 5% of net profit 5% of net profit 5% of net profit 5% of net profit 10% of net profit

B. Remuneration to other directors

SN. Particulars of Remuneration Name of Directors
Mr. Inder Dev Kukar Mr. Parmod Kukar Mr. Naresh Kumar Suneja Mr. Raghav Peshawaria Mrs. Amar Jyoti Bagga Mr. Vijay Kumar Jhamb
1 Independent Directors
Fee for attending board committee meetings NIL NIL NIL NIL NIL Nil
Commission NIL NIL NIL NIL NIL NIL
Others please specify NIL NIL NIL NIL NIL NIL
Total (1) NIL NIL NIL NIL NIL NIL
2 Other Non-Executive Directors N.A N.A N.A N.A N.A N.A
Fee for attending board committee meetings N.A N.A N.A N.A N.A N.A
Commission N.A N.A N.A N.A N.A N.A
Others please specify
Total (2) NIL NIL NIL NIL NIL NIL
Total =(1+2) NIL NIL NIL NIL NIL NIL

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD

SN Particulars of Remuneration
CS Total
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income- tax Act 1961 240000 240000
(b) Value of perquisites u/s 17(2) Income-tax Act 1961 0 0
(c) Profits in lieu of salary under section 17(3) Income-tax Act 1961 0 0
2 Stock Option 0 0
3 Sweat Equity 0 0
4 Commission 0 0
- as % of profit 0 0
others specify… 0 0
5 Others please specify 0 0
6 Total 240000 240000
7 Ceiling as per the Act NA NA

XII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the Companies Act Brief Description Details of Penalty/ Punishment/ Compounding fees imposed Authority [RD / NCLT/ COURT] Appeal made if any (give Details)
A. COMPANY
Penalty
Punishment NONE
Compounding
B. DIRECTORS
Penalty
Punishment NONE
Compounding
C. OTHER OFFICERS IN DEFAULT
Punishment NONE
Compounding

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