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Garnet International Ltd.

BSE: 512493 Sector: Financials
NSE: N.A. ISIN Code: INE590B01010
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 790.00
PREVIOUS CLOSE 798.70
VOLUME 439
52-Week high 896.00
52-Week low 345.25
P/E 31.30
Mkt Cap.(Rs cr) 498
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 790.00
CLOSE 798.70
VOLUME 439
52-Week high 896.00
52-Week low 345.25
P/E 31.30
Mkt Cap.(Rs cr) 498
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Garnet International Ltd. (GARNETINTL) - Director Report

Company director report

To

The Members

GARNET INTERNATIONAL LIMITED

Your Directors have pleasure in presenting their Thirty Fourth Annual Report withAudited Accounts of the Company for the year ended 31st March 2016.

FINANCIAL HIGHLIGHTS
Amount in Rs
Particulars Year ended 31st March 2016 Year ended 31st March 2015
Total Income 228776026 21536794
Profit/(Loss) before Depreciation and Tax 5713993 7186847
Less: Depreciation 720371 891267
Profit/(Loss) before Tax 4993622 6295580
Less: Provision for Tax 2189569 (900664)
Net Profit /(Loss) after Tax 2804053 7196244

DIVIDEND

Your directors are pleased to recommend a dividend of 7% i.e. Rs. 0.70 per Equity Shareof Rs. 10/- each for the financial year ended 31st March 2016 subject toapproval of the shareholders at the ensuing Annual General Meeting

SHARE CAPITAL

The paid up equity share capital of the Company as on 31st March 2016 wasRs.62250000/-.

Further the company has not issued any shares with differential voting rights norgranted stock options nor sweat equity shares.

As on 31st March 2016 Mr. Ramakant Gaggar Director of the Company acquired147014 shares of the Company and Mr. Suresh Gaggar Director of the Company sold 81895shares of the company.

DEPOSITS

Your company has not accepted/invited deposits from the public falling within the ambitof Section 73 of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2014

SUBSIDIARY COMPANIES

The Company has One (1) Subsidiary as on March 31 2016 and Two (2) Associate Companieswithin the meaning of Section 2(87) and 2(6) respectively of the Companies Act 2013("Act") as on March 31 2016. There has been no material change in the nature ofthe business of the subsidiary.

Pursuant to provisions of Section 129(3) of the Act a statement containing salientfeatures of the financial statement of the Subsidiary company in Form AOC-1 is attached tothe a part of this Report as Annexure- ‘A’

DIRECTORS

Your Company has 5 (Five) Directors consisting of 3 (Three) Independent Non- ExecutiveDirectors and 2 (Two) Non Independent Executive Directors as on 31st March2016

Appointment/Resignations from the Board of Directors

Mrs. Manju Maheshwari is appointed as Women Director on the Board of Directors of theCompany on 20th April 2015. Mr. Devan Mehta tendered his resignation fromBoard of Directors of the Company on the same date i.e. 20th April 2015 whichwas duly approved by Board.

Independent and Non-Executive Directors

In terms of the definition of ‘Independence’ of Directors as prescribed underRegulation 16 (1) (b) of the SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015 and pursuant to Section 149(6) of the Companies Act 2013 and based onthe confirmation/disclosures received from the Directors the following are theIndependent Directors of the Company:

1. Mr. Dinesh Nandwana

2. Mr. Sharad Rathi

Woman Director

In terms of the provisions of Section 149 of the Companies Act 2013 and Regulation 17(1) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 acompany shall have atleast one Woman Director on the Board of the Company. Your companyhas appointed Mrs. Manju Maheshwari as Director on the Board of the Company since 20thApril 2015.

Chairman & Managing Director (CMD)

Mr. Suresh Gaggar is Managing Director of the Company.

Directors Retiring by Rotation

In terms of Section 152 of the Companies Act 2013 Mr. Ramakant Gaggar being longest inoffice shall retire by retire at the ensuing AGM and being eligible for re-appointmentoffers himself for re-appointment.

Appointment/Resignation of the Key Managerial Personnel

Mr. Sanjay Ravindra Raut is appointed as Chief Financial Officer (CFO) of the Companywith effect from 20th April 2015.

Number of Meetings of the Board

Regular meetings of the Board are held to discuss and decide on various businesspolicies strategies and other businesses. Due to business exigencies certain businessdecisions are taken by the Board through circulation from time to time.

The Board met 10 (Ten) times during the FY 2015-16 viz 20th April 2015 30thMay 2015 13th July2015 22nd July 2015 13th October2015 04th November 2015 13th January 2016 05th February2016 22nd February 2016 and 29th February 2016.

Detailed information on the meetings of the Board are included in the report onCorporate Governance which forms part of this Annual Report.

COMMITTEES OF THE BOARD

Your company has several committees which have been established as a part of the bestcorporate governance practices and are in compliance with the requirements of the relevantprovisions of laws and statutes applicable to the company.

The company has following Committees namely:

1. Audit Committee;

2. Stakeholder Grievance Committee;

3. Remuneration & Nomination Committee;

The details with respect to the composition powers roles terms of reference etc ofthe aforesaid committees are given in details in the "Report on CorporateGovernance" of the Company which forms part of the Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Provisions of Section 135 of the Companies Act 2013 read with the Companies(Corporate Social Responsibility Policy) Rules 2014 not applicable to the Company.

RISK MANAGEMENT POLICY

The company has adopted a Risk Management Policy wherein all material risk faced by thecompany are identified and assessed. The Risk Management framework defines the riskmanagement approach of the Company and includes collectively identification of risksimpacting the Company’s business and document their process of identificationmitigation optimization of such risks.

REMUNERATION POLICY

The remuneration policy is in consonance with the existing industry practice and alsowith the provisions of the Companies Act 2013. The Board of Directors has adopted aRemuneration Policy for Key Managerial Personnel and other employees. The Company’sremuneration policy is driven by the success and performance of the individual employeeand the performance of the Company. The details of remuneration/sitting fee paid toDirectors during the financial year are given in Form MGT 9 the Extract of Annual Returnannexed with the Directors report. There is no other pecuniary relationship ortransactions between the Company and the non-executive directors. All the Directors havewaived their remuneration; therefore no Remuneration is paid to any of the directors ofCompany.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review as stipulatedunder Regulation 34 of the SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015 is annexed as Annexure – ‘E’ and forms part ofthis Report.

LISTING AND DEMATERIALISATION

The equity shares of the Company are listed on the Bombay Stock Exchange Ltd (BSE). Theshareholder can avail the facility provided by NSDL and CDSL to demat their shares.Shareholders are requested to convert their holdings to dematerialized form to derive thebenefits of holding the shares in electronic form.

VIGIL MECHANISM

The Company has a Vigil Mechanism / Whistle Blower Policy to report genuine concernsgrievances frauds and mismanagements if any. The Vigil Mechanism/ Whistle Blower policyhas been posted on the website of the Company (www.garnetint.com)

PERFORMANCE EVALUATION OF THE BOARD

In compliance with the provisions of Section 134 of the Companies Act 2013 read withRule 8 of the Companies (Accounts) Rules 2014 and Regulation 17 of the SEBI (ListingObligations & Disclosure Requirements) Regulations 2015 a structured questionnairewas prepared after taking into consideration various aspects of Board’s functioningcomposition of Board and Committees culture execution and performance of specificduties obligations and governance.

The performance of evaluation of Independent Directors was completed. The performanceevaluation of the Chairman and the Non- Independent Directors was carried out by theIndependent Directors. The Board of Directors expressed their satisfaction

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 and the rules made thereunder are given in the notes to theFinancial Statement

RELATED PARTY TRANSACTIONS

All related party transactions that were entered during the financial year were in theordinary course of business and were on arm’s length basis. There were no materiallysignificant related party transactions entered by the Company with the PromotersDirector Key Managerial Personnel or other persons which may have a potential conflictwith the interest of the Company. All the related party transactions are placed before theAudit Committee as also to the Board for approval.

Since all the related party transactions entered into by the company were in ordinarycourse of business and were on an arm’s length basis Form AOC-2 is not applicable tothe Company.

None of the Directors has any pecuniary relationship or transactions vis-a-vis theCompany.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company are prepared in accordance withthe relevant Accounting Standards viz; AS-21 AS-23 and AS-27 issued by the Institute ofChartered Accountants of India and form a part of this Annual Report.

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY

Garnet’s internal control systems and procedures are adequately commensurate withthe magnitude of its current business. The operating and business control procedures havebeen planned and implemented in a manner that ensures efficient use of resources as wellas compliance with procedures and regulatory requirements. The internal control system isbeing further strengthened by laying out well-documented guidelines approval andauthorization procedures.

AUDITORS & AUDITORS REPORTS a) Statutory Auditors

M/s. MVK Associates Chartered Accountants (Firm Registration No: 120222W) theStatutory Auditors of the Company will retire at the conclusion of the forthcoming AnnualGeneral Meeting (AGM). The Company has obtained written consent from the Auditors andconfirmation to the effect that they are not disqualified to be re- appointed as theAuditors of the Company in terms of the provisions of the Companies Act 2013 and rulesmade thereunder and that the appointment if made would be in conformity with the limitsspecified in the said Section Accordingly the Board of Directors have recommended there-appointment of M/s. MVK Associates Chartered Accountants to audit the accounts of theCompany for the financial year 2016-17 on the remuneration to be decided by the Board inconsultation with the Auditors subject to approval of shareholders in the ensuing AGM ofthe Company.

The Statutory Auditors in their report to the members have given qualified opinion andremarks and the response of your Directors with respect to it is that Company Managementis under process to resolve the issue.

b) Secretarial Auditors and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act 2013 and rules madethereunder the Company has appointed M/s. Siddharth Sharma & Associates CompanySecretaries Mumbai to conduct the Secretarial Audit of the Company for the Financial Year2015-16. The Secretarial Audit Report for the Financial Year 2015-16 is annexed to thisreport as Annexure-‘B’

The Secretarial Auditors in their report to the members have given remarks and theresponse of your Directors with respect to it is that Company Management is under processto ratify the same.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no significant and material orders passed by the regulators or courts ortribunals which would impact the going concern status and the Company’s operationsin future.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of Annual Return in Form MGT-9 as requiredunder Section 92 of Companies Act 2013 forms an integral part of this Report as Annexure– ‘C’. PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 (1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is annexed as Annexure

‘D’ to this Report.

None of the employees have drawn remuneration more than Rs. 500000/- p.m. ifemployed for the part of the year and Rs. 6000000/- p.a. if employed throughout theYear.

CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION AND ANALYSIS REPORT

It has always been the Company’s endeavour to excel through better CorporateGovernance and fair and transparent practices many of which have already been in placeeven before they were mandated by the law of the land. The company voluntarily complieswith the requirement of the SEBI (LODR) regulations 2015.

The Board of Directors of the Company had also evolved and adopted a Code of Conductbased on the principles of Good Corporate Governance and best management practices beingfollowed globally. The Code is available on the website of the Company www.garnetint.com.

A separate report on Management Discussion and Analysis and Corporate Governance whichis voluntarily adopted by the Company is included in this Annual Report as Annexure‘E’ & ‘F’ respectively.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of knowledge and belief and according to the information and explanationobtained by them your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act 2013:

(a) that in preparation of Annual Accounts for the year ended 31st March2016 the applicable accounting standards has been followed along with proper explanationrelating to material departures if any;

(b) that such accounting policies have been selected and applied consistently and madejudgements and estimates that are reasonable and prudent so as to give true and fair viewof the statement of affairs of the company as at 31st March 2016 and of theprofit of the Company for the year ended on that date;

(c) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

(d) that the annual accounts have been prepared on a going on concern basis;

(e) that the Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls were operating effectively;

(f) That the Directors had devised proper system to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

STATUTORY DISCLOSURES

The information on conservation of energy technology absorption and foreign exchangeearnings and outgo pursuant to Section 134(3) (m) of the Companies Act 2013 read with theRule 8(3) of the Companies (Accounts) Rules 2014 is as follows:

A. Conservation of Energy Technology Absorption

As per the provisions of Section 134(1) (m) read with Rule 8(3) of the Companies(Accounts) Rules 2014 considering the Company’s business activities the Directorshave nothing to state in connection with Conservation of Energy and Technology Absorptiontherefore the said provisions are not applicable to the Company.

B. Foreign Exchange Earnings and Outgo

During the year under review the Company did not have any Foreign Exchange Earnings orOutgo.

C. Business Responsibility Reporting

The Business Responsibility Reporting as required pursuant to Regulation 34 (2) f ofSEBI (LODR) Regulation 2015 is not applicable to your Company for the financial yearended 31st March 2016.

ACKNOWLEDGEMENT

Your Directors take this opportunity to express deep and sincere gratitude to all thestakeholders of the Company for their confidence and patronage.

Your Directors wish to place on record their appreciation for the support andcontribution made by the employees at all levels and also wish to thank all its customersdealers agents suppliers investors and bankers for their continued support and faithreposed in the Company.

For and on behalf of the Board
sd/- sd/-
Place: Mumbai Suresh Gaggar Ramakant Gaggar
Date: 30th May 2016 Managing Director Director
DIN No. 00599561 DIN No. 01019838

ANNEXURES TO DIRECTORS REPORT 2015-2016

ANNEXURE ‘A’ Form AOC-1

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 ofCompanies (Accounts) Rules 2014)

Statement containing salient features of the financial statement ofsubsidiaries/associate companies/joint ventures

Part "A": Subsidiaries

(Information in respect of each subsidiary to be presented with amounts in Rs.)

S.No. Particulars Details
1 Name of the subsidiary Sukartik Clothing Private Limited
2 Reporting period for the subsidiary concerned if different from the holding company’s reporting period April 2015 to March 2016
3 Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries N.A.
4 Share capital 3010000
5 Reserves & surplus 80692794
6 Total assets 120528784
7 Total Liabilities 120528784
8 Investments Nil
9 Turnover 144574206
10 Profit before taxation 15931289
11 Provision for taxation 5012570
12 Profit after taxation 10918719
13 Proposed Dividend Nil
14 % of shareholding 60.13

Notes: The following information shall be furnished at the end of the statement: 1.Names of subsidiaries which are yet to commence operations 2. Names of subsidiaries whichhave been liquidated or sold during the year.

Part "B": Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act 2013 related to AssociateCompanies and Joint Ventures

Name of associates/Joint Ventures Bhuta Investment Private Limited Alaukik Mines & Power Private limited
Latest audited Balance Sheet Date March2016 March2016
Shares of Associate/Joint Ventures held by the company on the year end
No. 60000 4200000
Amount of Investment in Associates/Joint Venture 12000000 110500000
Extend of Holding% 32.43% 85.08%
Description of how there is significant influence
Reason why the associate/joint venture is not consolidated NA
Net worth attributable to shareholding as per latest audited Balance Sheet Audited figures not available for consolidation.
Profit/Loss for the year
Considered in Consolidation (3489500.87)
Not Considered in Consolidation 0.00

1. Names of associates or joint ventures which are yet to commence operations.

2. Names of associates or joint ventures which have been liquidated or sold during theyear.

Note: This Form is to be certified in the same manner in which the Balance Sheet isto be certified.

ANNEXURE ‘B’

Form No. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED ON 31ST March 2016

[Pursuant to section 204(1) of the Companies Act 2013 and Rule No. 9 of the Companies(Appointment and Remuneration Personnel) Rules 2014]

To

The Members

Garnet International Limited

901 Raheja Chambers Free Press Journal Marg

Nariman Point Mumbai - 400 021.

I have conducted the Secretarial Audit of the compliance of applicable statutoryprovisions and the adherence to good corporate practices by Garnet InternationalLimited (hereinafter called ‘the Company’ CIN: L99999MH1995PLC093448).Secretarial Audit was conducted in a manner that provided me a reasonable basis forevaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on the 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 I hereby report that in my opinion the Company has duringthe audit period covering the financial year ended on 31st March 2016 complied with thestatutory provisions listed hereunder and also that the Company has proper Board-processesand compliance- mechanism in place to the extent in the manner and subject to thereporting made hereinafter:

A) I have examined the books papers minute books forms and returns filed andother records maintained by the Company for the financial year ended on 31st March 2016according to the provisions of:

i. The Companies Act 2013 (the Act) and the rules made there under;

ii.The Securities Contracts (Regulation) Act 1956 (‘SCRA’) and the rulesmade there under;

iii. The Depositories Act 1996 and the Regulations and Bye-laws framed there under;

iv. Foreign Exchange Management Act 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment Overseas Direct Investment and ExternalCommercial Borrowings; ( Not applicable to the Company as neither any Foreign DirectInvestment or Overseas Direct Investment came into the Company nor the Company has availedor taken any External Commercial Borrowings during the period under review i.e. FinancialYear 2015-16)

v. The Regulations and Guidelines prescribed under the Securities and Exchange Board ofIndia Act 1992 (‘SEBI Act’) viz. :

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

Disclosure Requirements) 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)Regulations2009; and

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

vi. Others laws applicable to the Company as per the representation made by theManagement.

B) We have also examined the compliance with the applicable clauses of thefollowing : a. Secretarial Standards issued by the Institute of Company Secretaries ofIndia.

b. The Listing Agreement entered into by the Company with Bombay Stock ExchangeLimited.

We further report that the Compliance by the company of applicable Financial Laws likeDirect & Indirect Tax Laws Service Tax etc. has not been reviewed in this Auditsince the same has been subject to review by/under the Statutory Financial Audit and otherdesignated professionals.

During the period under review and as per the explanations and clarifications given tous and the representation made by the management the company has complied with theprovisions of the Act Rules Regulations Guidelines Standards etc as mentioned aboveexcept the following:

a) The Company is required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934 however company has not obtained such Registration Certificate as on dateof Report. b) The Company has not followed AS – 21 (Consolidated FinancialStatements) and AS – 23 (Accounting for Investments in Associates in ConsolidatedFinancial Statements)

I further report that:

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 period under review werecarried out in compliance with the provisions of the Act; however following Forms werefiled with additional fees:

S.No E-Forms Purpose SRN Dt. of Filing
1 DIR - 11 Resignation of Mr. Deven Mehta from Directorship S38758405 27.07.2015
2 MGT - 14 Approval of Financial Results of March 2015 C59770172 28.07.2015
3 DIR - 12 Appointment of Ms. Manju Maheshwari as Women Director Mr. Sanjay Raut as CFO and Resignation of Mr. Deven Mehta from Directorship C59735795 28.07.2015
4 MGT - 15 Annual General Meeting Report S44314839 21.12.2015

Adequate notice is given to all directors to schedule the Board Meetings agenda anddetailed notes on agenda were sent at least seven days in advance and a system exists forseeking and obtaining further information and clarifications on the agenda items beforethe meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members view if any arecaptured and recorded as part of the minutes.

I further report that there are adequate systems and processes in the Companycommensurate with the size and operations of the Company to monitor and ensure compliancewith applicable laws rules regulations and guidelines.

I further report that during the audit period following events took place having amajor bearing on the Company’s affairs in pursuance of the above referred lawsrules regulations guidelines standards etc.

For SIDDHARTH SHARMA & ASSOCIATES
Company Secretaries
UCN : S2016MH368200
Sd/-
Siddharth Sharma
M.No. FCS 7890
COP. 8872
Date: 30th May 2016
Place: Mumbai

This report is to be read with our letter of even date which is annexed as " AnnexureA" and forms an integral part of this report

‘Annexure A’

To

The Members

Garnet International Limited

901 Raheja Chambers Free Press Journal Marg

Nariman Point Mumbai - 400 021.

The Secretarial Audit 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. My responsibility is to express an opinion on these secretarial records based onmy audit.

2. I 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 insecretarial records. I believe that the processes and practices I followed provide areasonable basis for my opinion.

3. I have not verified the correctness and appropriateness of financial records andBooks of Accounts of the Company.

4. Where ever required I 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. My 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 nor of the efficacy or effectiveness with which the management has conductedthe affairs of the Company.

For SIDDHARTH SHARMA & ASSOCIATES
Company Secretaries
UCN : S2016MH368200
Sd/-
Siddharth Sharma
M.No. FCS 7890
COP. 8872
Date: 30th May 2016
Place: Mumbai

ANNEXURE’D’

Disclosure in the Board’s Report under Rule 5 of Companies (Appointment &Remuneration) Rules 2014

1) The Ratio of Remuneration of each director to the median Remuneration of the employees of the company for the Financial Year 2015-16.
Director Name Ratio to Median Remuneration
None of the Directors take remuneration from the Company.
2) The Percentage increase in the remuneration of each Director CFO CEO Company Secretary or Manager if any in the Financial Year 2015-16 compared to 2014-15 means part of the Year.
Director/ CFO/ CEO/ CS/ Mgr. Name % age increase in remuneration
a) Sanjay Raut ( From April2015) Not applicable
b) Kamlesh Gangvani ( till February 2016) Nil
c) Koshal Gupta ( From March 2016) Not applicable
3) Percentage increase in the median remuneration of employees in the Financial Year 2015-16 as compared to 2014- 15: 29.11%
4) Number of permanent employees on the rolls of the company : 6 employees as on 31.03.2016
5) Explanation on the relationship between average increase in remuneration and the company performance: - The profit before Tax for the Financial Year ended March 31 2016 decreased by 20.68% where as the increase in median remuneration was 29.11% in the line with industry standards and the performance of the Company.
6) Comparision of the remuneration of KMP against the performance of the company: - The total remuneration of the KMP increased due to the appointment of CFO from April 2015 .The profit before tax decreased by 20.68% to 4993621 in 2015-16 to 6295580 in 2014-15.
7) Variation in
Details 31.03.2016 31.03.2015
a) Market Capitalization 191.40 / 74.40 (in Rs) 1191465000 463140000
b) Price Earnings Ratio 424.91 64.36
c) Percentage increase/decrease of Market Quotations 157.26 Increase 19.91 Decrease
d) Networth of Company 421219648 423644336
8) Average percentile increase in salaries of Employees other than managerial personnel : 11%
9) Comparison of each remuneration of KMP against the performance of the Company
Name of the Key Managerial Remuneration of the Year Ended Personnel 31.03.2016 31.03.2015 % age change Reason against performance of the Company Profit before tax decreased by 20.68% and profit after tax decreased by 61.03% in Financial Year 2015-16.
a) Kamlesh Gangvani (till Feb16) 275000 105833
b) Sanjay Raut( From Apr15) 347898 0 NA
c) Koushal Gupta ( From Mar16) 10000 0 NA
10) Key parameter for any variable component of remuneration availed by the Director:

- Considered by the Board of Directors based on the recommendations of the Nomination and Remuneration Committee as per the Remuneration Policy for Directors Key Managerial Personnel and other Employees.

11) Ratio of the Remuneration of the highest paid director to that of the employees who are not directors but received remuneration in excess of the highest paid director during the year – NOT APPLICABLE