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Impex Ferro Tech Ltd.

BSE: 532614 Sector: Metals & Mining
NSE: IMPEXFERRO ISIN Code: INE691G01015
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Impex Ferro Tech Ltd. (IMPEXFERRO) - Director Report

Company director report

Dkar Shareholders

The Directors are pleased to present the 22nd Annual Report of the Company togetherwith Audited Accounts for the Financial Year ended 31st March 2017.

FINANCIAL HIGHLIGHTS (Rs. in Lacs)

The Company's financial performance for the year ended 31st March 2017 is summarizedbelow :

Particulars Current Year 31.03.2017 Previous Year 31.03.2016
Revenue from Operation (net) 12131.48 27195.85
Other Income 288.65 121.12
Total Revenue 12420.13 27316.97
Profit before Finance Cost Depreciation and Tax (9927.51) (3982.80)
Less: Depreciation & Amortisation 730.87 730.26
Less: Finance Cost 52.40 3424.13
Less: Tax Expenses - -
Net Profit after Tax (10710.78) (8137.19)
Add: Balance brought forward from previous year (14486.45) (6349.26)
Balance carried over to Balance Sheet (25197.12) (14486.47)

FINANCIAL AND OPERATIONAL REVIEW

During the year under review the Company has achieved Net Sales/Income from operationof ' 12131.48 lacs as against ' 27195.85 lacs in previous year registering a decline of55.39%. The Company incurred a loss of ' 10710.78 lacs as against ' 8137.19 lacs in theprevious year. The decline in sales and increase in losses are mainly attributed todepressed market for ferro alloys impacting the net realisation and margin. Slower growthin several sectors of the economy resulted into weaker domestic demand.

The Company had made a reference to Board of Industrial and Financial Reconstruction(BIFR) under section 15 of Sick Industrial Companies Act 1985. However with the repealof the Sick Industrial Companies Act 1985 w.e.f. 1st December 2016 the submission is nomore valid.

TRANSFER TO RESERVE

Since the Company has incurred loss during the year no amount has been transferred toreserves.

DIVIDEND

In view of the losses incurred by the Company the Directors of the Company do notrecommend any dividend for the financial year 2016-17.

BOARD MEETINGS

The Board met Five (5) times during the year the details of which are given in theCorporate Governance Report that forms part of this Annual Report. The intervening gapbetween the Meetings was within the period prescribed under the Companies Act 2013 andthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

CHANGES IN SHARE CAPITAL

There was no change in the Share Capital of the Company during the financial year2016-17.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Retirement

In accordance with the provisions of the Companies Act 2013 Mr. Satish Kumar Singh(DIN: 05295625) retires by rotation and being eligible offers himself forre-appointment.

Resignation

During the year Mr. Rohit Jain (DIN: 07129693) Non-Executive Independent Director ofthe Company has resigned from the directorship of the Company with effect from 11thAugust 2017.

Appointment / Re-appointment

Pursuant to the provisions of secti on 161 of the Companies Act 2013 read with therelevant provisions in the Articles of

Association Mr. Ravindra Kumar Mehra (DIN: 07898952) was appointed as an AdditionalDirector(Non-Executive Independent) by the Board of Directors of the Company with effectfrom 11th August 2017 to hold office up to the date of ensuing Annual General Meeting.The Company has received a notice in writing from a member proposing his candidature forthe office of NonExecutive Independent Director.

DIRECTOR'S RESPONSIBILITY STATEMENT

Based on the framework of Internal Financial Controls maintained by the Company workperformed by the Internal Statutory Cost and Secretarial Auditors and external agenciesthe reviews performed by Management and the relevant Board Committees the Board with theconcurrence of the Audit Committee is of the opinion that the Company's InternalFinancial Controls were adequate and effective as on 31st March 2017.

Accordingly pursuant to section 134(5) of the Companies Act 2013 the Board ofDirectors to the best of their knowledge and ability confirm:

a) that in the preparation of the annual accounts the applicable Accounting Standardshave been followed along with proper explanation relating to material departures;

b) that we have selected such accounting policies and applied them consistently andmade judgements 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 financial year and ofthe profit and loss of the Company for that period;

c) that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

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

e) that proper internal financial controls were laid down and that such internalfinancial controls are adequate and were operating effectively; and

f) that proper systems to ensure compliance with the provisions of all applicable lawswere in place and that such systems were adequate and operating effectively.

CREDIT RATING

During the year under review Credit Rating has not been done. The Company's creditrating for last previous year for Long-Term debts/facilities was 'D' and Short-Termfacilities was 'A4 (A Four) given by ICRA Limited.

DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES

During the year under review no Company has become or ceased to exist as thesubsidiary of the Company. The Company has also not entered into any Joint Venture norbecome an Associate Company during the year under review.

EXTRACT OF ANNUAL RETURN

The details of the extract of the Annual Return in Form MGT 9 is annexed herewith andforms part of this Report as Annexure-I. PUBLIC DEPOSITS

The Company has not accepted any deposits within the meaning of section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.

INSURANCE

The properties and insurable assets and interests of the Company like building plantand machinery and stocks among others are adequately insured.

STATUTORY AUDITOR

At the 19th Annual General Meeting (AGM) of the Company held on 27th September 2014M/s. R. Kothari & Company (FRN: 307069E) Chartered Accountants were appointed asStatutory Auditor of the Company to hold office for a term of fIve (5) years from theconclusion of 19th AGM (subject to ratification of such appointment by the members atevery AGM) till the conclusion of the 24th AGM of the Company. Accordingly theappointment of M/s. R. Kothari & Company (FRN: 307069E) Chartered Accountants asStatutory Auditor of the Company is placed for ratificati on by the members. The Companyhas received a confirmation from M/s. R. Kothari & Company Chartered Accountants tothis effect that their appointment if ratified would be within the limits prescribedunder section 139 of the Companies Act 2013 and the Rules framed thereunder and inaccordance with section 141 of the Companies Act 2013. They have also confirmed that theyhold a valid peer review certificate as prescribed under Regulation 33(d) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015. The Audit Committeeand the Board of Directors of the Company recommend ratification of their appointment fromthe conclusion of this AGM upto the conclusion of the 24th AGM of the Company.

STATUTORY AUDITOR OBSERVATION

The Statutory Auditor has put the qualification remark in their report. The details areas follows:-

The lenders have stopped charging interest on debts since the dues from the Companyhave been categorised as Non Performing Asset (NPA). The Company is in activediscussion/negotiation with its lenders to restructure its debt at a sustainable level. Inview of the above pending finalisation of the restructuring plan the Company has notprovided accrued interest in its books during the year and reversed interest provided inearlier periods pertaining to the period the account was declared NPA by the respectivelenders. The amount of interest reversed for earlier periods is ' 281.01 lacs. The amountof interest not provided for the year ended 31st March 2017 is ' 3227.11 lacs. Had theaforesaid interest expense been recognised the net loss for the year ended 31st March2017 would have been ' 14218.88 lacs instead of ' 10710.76 lacs.

Our comments are as under:

The lenders have stopped charging interest on debts since the dues from the Companyhave been categorised as Non Performing Asset (NPA). The Company is in active discussion/negotiation with its lenders to restructure its debts at a sustainable level includingwaiver of unpaid interest. In view of the above pending finalisation of the restructuringplan the Company has stopped providing interest accrued and unpaid effective 1st April2016 in its books. The amount of such accrued and unpaid interest not provided for standsat ' 3508.12 lacs for the year ended 31st March 2017 and accordingly the same has notbeen considered for compilation of Results for the year ended 31st March 2017.

COST AUDITOR

In terms of section 148 of the Companies Act 2013 read with rule 14 of the Companies(Audit and Auditors) Rules 2014 on the recommendation of Audit Committee the Board ofDirectors has re-appointed M/s. A.J.S. & Associates Cost Accountants (FRN : 000106)as Cost Auditor of the Company at a remuneration of ' 35000/- plus applicable taxes andre-imbursement of out of pocket expenses incurred by them to conduct an audit of the costaccounting records maintained by the Company for the current financial year beginning from1st April 2017 and ending on 31st March 2018.

As required under section 148 of the Companies Act 2013 read with rule 14 of theCompanies (Audit and Auditors) Rules 2014 the remuneration payable to Cost Auditor isbeing placed at the ensuing Annual General Meeting for ratification by the members.

SECRETARIAL AUDIT REPORT

In terms of section 204 of the Companies Act 2013 and rules made there under CSHanuman Mal Choraria of M/s. H M Choraria & Co. Practicing Company Secretary havebeen appointed as Secretarial Auditor of the Company. The report of the SecretarialAuditor in Form MR-3 is enclosed as Annexure-II to this report.

SECRETARIAL AUDITOR OBSERVATION

The Secretarial Auditor has the following observation in Form MR-3 enclosed as AnnexureII - The Company has defaulted in payment of statutory dues within the prescribed time.

Our comments are as under:

Statutory payments were delayed mainly due to poor liquidity position.

INTERNAL AUDITOR

In terms of section 138 of the Companies Act 2013 read with rule 13 of the Companies(Accounts) Rules 2014 on the recommendati on of Audit Committee the Board of Directorshas appointed M/s. NR & Associates Cost Accountants (FRN: 102903) as InternalAuditor of the Company for the financial year 2017-18 at a remuneration fixed by the Boardof Directors of the Company in consultation with the Auditors.

INTERNAL FINANCIAL CONTROL SYSTEM

The Companies Act 2013 has mandated the Company to have a formal framework of InternalFinancial Controls (IFC) and has also laid down specific responsibilities on the BoardAudit Committee Independent Directors and Statutory Auditors with regard to IFC.

The financial control system and framework is required to ensure:

• The orderly and efficient conduct of its business

• Safeguarding of its assets

• The prevention and detection of frauds and errors

• The accuracy and completeness of the accounting records and

• The timely preparation of reliable financial information.

The Board reviews the effectiveness of controls documented as part of Internal Affairsand Financial Control (IAFC) framework and take necessary corrective actions whereweaknesses are identified as a result of such reviews. This review covers entity levelcontrols fraud risk controls and information technology environment.

The Policies and procedure adopted by the Company ensures the orderly and efficientconduct of its business and adherence to the Company's policies prevention and detectionof frauds and errors accuracy and completeness of the records and the timely preparationof reliable financial information. Based on this evaluation no significant events hadcome to notice during the year that have materially affected or are reasonably likely tomaterially affect our IFC. The management has also come to the conclusion that the IFC andother financial reporting was effective during the year and is adequate considering thebusiness operations of the Company.

The Statutory Auditor of the Company has audited the IFC over Financial Reporting andtheir Audit Report is annexed to the Independent Auditors' Report under FinancialStatements.

DETAILS RELATING TO REMUNERATION OF DIRECTORS KEY MANAGERIAL PERSONNEL AND EMPLOYEES

Disclosure pertaining to remuneration and other details as required under section134(3)(q) 197(12) of the Companies Act 2013 read with rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part of theBoard's Report as Annexure-III.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

A statement giving details of Conservati on of Energy Technology Absorpti on andForeign Exchange Earning and Outgo as required under section 134(3)(m) of the CompaniesAct 2013 read with rule 8 of the Companies (Accounts) Rules 2014 is annexed to thisreport as Annexure-IV.

DECLARATION ON COMPLIANCE WITH CODE OF CONDUCT

The Board has formulated a Code of Conduct for the Board Members and Senior Managementof the Company which has been posted on the website of the Company.

It is hereby affirmed that all the Directors and Senior Management Personnel havecomplied with the Code and a confirmation to that effect has been obtained from theDirectors and the Senior Management.

PREVENTION OF INSIDER TRADING

The Company already had a structured Code of Conduct for Preventi on of InsiderTrading with a view to regulate trading insecurities by the Directors and designatedemployees of the Company. The Code has been further streamlined to keep parity with thenew Companies Act 2013 and SEBI (Prohibition of Insider Trading) Regulations 2015 and benamed as 'Code of Conduct for Regulating Monitoring and Reporting of Trading by Insiders'which is also displayed on the website of the Company www.impexferrotech.com.

The Code requires pre-clearance for dealing in the Company's shares and prohibits thepurchase or sale of Company's shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Board is responsible forimplementation of the Code.

All the Directors and designated employees who hold any shares in the Company haveconfirmed compliance with the Code. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THEREGULATORS/COURTS/TRIBUNALS

There are no significant material orders passed by the Regulators/Courts/Tribunalswhich would impact the going concern status of the Company and its future operations.

MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THEREPORT

The Company is required to comply with Ind AS in the preparation of their FinancialStatements for accounting periods beginning on or after April 2017 with the comparativesfor the periods ending March 2017. Accordingly the Company has adopted the said Ind ASwith effect from 1st April 2017. The Company has devised a suitable implementation planfor adoption of Ind AS.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

The Company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013. The details of the investments made by Company aregiven in the notes to the Financial Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on arm's lengthbasis. During the year the Company had not entered into any contract/arrangement/transaction with related parties which could be considered material inaccordance with the policy of the Company

on materiality of related party transactions between the Company and the Directors themanagement or the relatives except for those disclosed in the Financial Statements.

Accordingly particulars of contracts or arrangements entered into by the Company withrelated parties referred to in section 188(1) of the Companies Act 2013 in Form AOC-2(Annexure V) is NIL.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Board has on the recommendation of the Nomination and Remuneration Committee frameda policy for selection and appointment of Directors Key Managerial Personnel and theirremuneration. A note on Remuneration Policy has been made a part of the CorporateGovernance Report.

RISK MANAGEMENT POLICY

The Company has a defined Risk Management framework to identify assess monitor andmitigate various risks to key business objectives. Major risks identified by thebusinesses and functions are systematically addressed through mitigating actions on acontinuing basis.

The Risk Management Policy provides for identification of risk its assessment andprocedures to minimize risk. The policy is periodically reviewed to ensure that theexecutive management controls the risk as per decided policy.

POLICY ON PREVENTION OF SEXUAL HARASSMENT

The Company has adopted policy on Prevention of Sexual Harassment of Women at Workplacein accordance with The Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013.

During the financial year ended 31st March 2017 the Company has not received anyComplaints pertaining to Sexual Harassment. STATEMENT ON DECLARATION GIVEN BY INDEPENDENTDIRECTORS UNDER SECTION 149(6)

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as laid down under secti on 149(6)of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 with the Stock Exchanges.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

The Company proactively keeps its Directors informed of the activities of the Companyits management and operations and provides an overall industry perspective as well asissues being faced by the Industry. The familiarisation programmes policy and details offamiliarisati on programme provided to the Directors of the Company is available on theCompany's website www.impexferrotech.com.

AUDIT COMMITTEE

The compositi on and terms of reference of the Audit Committee has been furnished inthe Corporate Governance Report forming part of this Annual Report. There has been noinstance where the Board has not accepted the recommendations of the Audit Committee.

NOMINATION AND REMUNERATION COMMITTEE

The composition and terms of reference of the Nomination and Remuneration Committee hasbeen furnished in the Corporate Governance Report forming part of this Annual Report.

STAKEHOLDERS' RELATIONSHIP COMMITTEE

The compositi on and terms of reference of Stakeholders' Relationship Committ ee hasbeen furnished in the Corporate Governance Report forming part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILTY (CSR)

In line with the provisions of the Companies Act 2013 the Company has framed itsCorporate Social Responsibility (CSR) policy for the development of programmes andprojects for the benefit of weaker sections of the society and the same has been approvedby the CSR Committee and the Board of Directors of the Company. The Company has not spentany amount in CSR activities since the Company has incurred losses during the last 3 yearseroding the entire net worth.

VIGIL MECHANISM POLICY

In terms of section 177 of the Companies Act 2013 Rules framed thereunder andRegulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 the Company has a vigil mechanism in place for the Directors and Employees of theCompany through which genuine concerns regarding various issues relating to inappropriatefunctioning of the organisation can be communicated. For this purpose the Board has aVigil Mechanism Policy and the same has been uploaded on the website of the Company i.e.www.impexferrotech.com. The policy provides access to the Chairman of the Audit Committeein

certain circumstances. During the year under review there has been no incidencereported which requires action by the Audit Committee.

PERFORMANCE/BOARD EVALUATION

The Board has carried out an annual evaluation of its own performance the Directorsindividually as well as the evaluation of the functioning of various Committees. TheIndependent Directors also carried out the evaluation of the Chairman and the NonIndependent Directors the details of which are covered in the Corporate GovernanceReport.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirements set out in Regulation 34(3) read withSchedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015. The Report on Corporate Governance as stipulated under the above Regulation forms anintegral part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

Management's Discussion and Analysis for the year under review as stipulated underRegulation 34(3) read with Schedule V of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 is presented in a separate section forming part of thisAnnual Report.

CEO/CFO CERTIFICATION

As required by Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations& Disclosure Requirements) Regulations 2015 the CEO/CFO certification has beensubmitted to the Board and forms an integral part of this Annual Report.

AWARDS & ACHIEVEMENTS

During the year under review the Company has not received any awards.

GREEN INITIATIVES IN CORPORATE GOVERNANCE

Ministry of Corporate Affairs has permitted Companies to send electronic copies ofAnnual Report notices etc. to the e-mail IDs of shareholders. The Company hasaccordingly arranged to send the soft copies of these documents to the e-mail IDs ofshareholders wherever applicable. In case any shareholder would like to receive physicalcopies of these documents the same shall be forwarded upon receipt of written request.

APPRECIATION

The Directors wish to extend their thanks and appreciation for the valuable andcontinued support received from the Shareholders Company's Bankers Central and StateGovernment Authorities Stock Exchange(s) Depository Participants (DP's) and all otherBusiness Associates for the growth of the organisation.

The Directors also wish to place on record their deep appreciation to all the employeesfor their commitment and continued contribution to the Company.

ANNEXURE FORMING PART OF THE DIRECTORS REPORT

The Annexures referred to in this Report and other information which are required to bedisclosed are annexed herewith and forms part of the Directors Report:

Annexure Particulars
I Extract of the Annual Return (Form MGT-9)
II Secretarial Audit Report (Form MR 3)
III Particulars of Employees
IV Prescribed particulars of Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo
V Particulars of Contract or Arrangements with Related Parties (Form AOC 2)

 

For and on behalf of the Board
Place: Kolkata Suresh Kumar Patni
Date: 11th August 2017 Chairman cum Managing Director

Annexure - III

Particulars of Employees

Sl. No. Name of Director/ KMP & Designation Remuneration of Director/KMP for Financial Year 2016-17 % increase in Remuneration in the Financial Year 2016-17 Ratio of remuneration of each Director to median remuneration of employees
1. Mr. Suresh Kumar Patni (Managing Director) 1200000 0% 9.09
2. Mr. Satish Kumar Singh (Executive Director) 976340 8.48% 7.40
3. Mr. Sanjeet Kumar Gupta (CFO) 1200000 48.15% NA
4. Ms. Richa Agarwal (Company Secretary) 420024 20.86% NA

Note:

i) No other Director other than the Managing Director and Whole Time Director receivedany remuneration other than siffing fees during the F.Y. 2016-17.

ii) In the Financial Year there was an increase of 8.20% in the median remuneration ofemployees.

iii) There were 260 Permanent employees on the rolls of Company as on 31st March 2017.

iv) The remuneration of the Key Managerial Personnel put together is ' 37.96 lacs whichincreased by 16.48% from ' 32.59 lacs.

v) The remuneration of Directors/KMPs/Senior Management Personnel for the F.Y. 2016-17are as per the Remuneration Policy of the Company.

*Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are not applicable to the Company for the year under review.

Annexure - IV

Particulars of Energy Conservation Technology Absorption and Foreign Exchange Earningsand Outgo required pursuant to section 134(3)(m) of the Companies Act 2013.

A) Conservation of Energy

i. Steps taken for Conservation of Energy

0 Installation of HT & LT Capacitor bank in Submerged Arc Furnace.

0 Effective use of waste char for Power Generation.

0 Effective maintenance and daily monitoring of capacitor bank for improvement in powerfactor.

ii. Steps taken for Utilizing Alternate Source of Energy

0 Installation of energy efficient light fiffings in shop floor offices and otherareas.

0 Replacement of old motors with energy efficient motors.

iii. Capital investment on energy conservation equipment

The Company proposes to install solar power equipments like night lighting systems andsolar power pump sets to save on energy costs.

B) Technology Absorption

i. Efforts made towards technology absorption

The Company is continually updating the production processes through the latesttechnology.

ii. Benefits derived like product improvement cost reduction product development orimport substitution

• Improvement in the quality of its products.

• Improvement in the safe and environment friendly process.

iii. In case of imported technology (imported during the last three years reckoned fromthe beginning of the financial year) - Nil.

iv. Expenditure incurred on Research and Development

a) Capital Nil
b) Recurring Nil
c) Total Nil
d) Total R&D expenditure as a percentage of total turnover Nil

C) Foreign Exchange Earnings and Outgo

i. Activities relating to export initiative taken to increase exports development ofnew export markets for the products

& services and export plans:

The Company is actively exploring the export market and has taken various initiativesto export its products.

ii. Total Foreign Exchange used and earned: (Rs. in Lacs)
Particulars 31.03.2017 31.03.2016
1. Foreign Exchange earned 6103.10 11899.53
2. Foreign Exchange used 4719.80 4272.74

Annexure V

FORM AOC-2

1. Details of Contracts or Arrangements or Transactions not at Arm's Length Basis

Name(s) of the Related Party and Nature of Relationship Nature of Contracts/ Arrangements/ Transactions Duration of the Contracts/ Arrangements/ Transactions Salient Terms of the Contracts or Arrangements or Transactions including the value if any Justification for entering into such Contracts or Arrangements or Transactions Date(s) of Approval by the Board Amount paid as Advances if any Date on which the Special Resolution was passed in General Meeting as required under First Proviso to Section 188
NIL

2. Details of Material Contracts or Arrangements or Transactions at Arm's Length Basis

Name(s) of the Related Party and Nature of Relationship Nature of Contracts/ Arrangements/ Transactions Duration of the Contracts/ Arrangements/ Transactions Salient Terms of the Contracts or Arrangements or Transactions including the value if any Date(s) of Approval by the Board Amount paid as Advances if any
NIL

 

For and on behalf of the Board
Place: Kolkata Suresh Kumar Patni
Date: 11th August 2017 Chairman cum Managing Director