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Kilburn Office Automation Ltd.

BSE: 523218 Sector: Others
NSE: N.A. ISIN Code: INE793E01014
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OPEN 3.83
CLOSE 3.65
VOLUME 1
52-Week high 4.03
52-Week low 2.37
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.83
Sell Qty 3299.00

Kilburn Office Automation Ltd. (KILBURNOFFAUT) - Director Report

Company director report

TO THE MEMBERS OF Kilburn Office Automation Limited

Your Directors submit their Report together with the Audited Accounts of the Companyfor the Financial Year ended 31st March 2016.

FINANCIAL RESULTS

Your Company recorded the following results for the Financial Year ended 31st March2016:-

Particulars Financial Year Ended 2015-16 Financial Year Ended 2014-15
Rs. Rs.
Gross Operating Loss (7457874) (19528557)
Depreciation 525655 1015391
Net Operating Loss (7983529) (20543948)
Loss Brought Forward From Previous Year (111660396) (90795944)
Depreciation Adjustment (320504)
Deficit Carried Forward To Balance Sheet (119643925) (111660396)

PERFORMANCE REVIEW:

There was no notable improvement in the performance of the Company during the yearunder review. Operating revenues decreased to Rs. 3.44 Crores vis--vis Rs.12.89 Croresin the previous year. However because of substantial drop in level of operatingexpensesthe Company ended the year with a reduced operational loss of Rs.79.83 Lakhs.

FUTURE PROSPECTS:

The Company is mainly focussed on disposal of the inventory of machinery and spares ofits erstwhile product range viz. Digital Duplicators and Ammonia PrintingMachines.Besidesit is in the process of identifying suitable diversificationopportunities in line with its core strengths.

SHARE CAPITAL

The Paid-up Share Capital as on 31st March 2016 is Rs. 79501000/- comprising of6750100 Equity Shares of Rs. 10/- each amounting to Rs. 67501000/- and 11% 120000Cumulative Redeemable Preference Shares @ Rs. 100/- each amounting to Rs.12000000/-.During the year the Company has not issued any securities.

DEPOSITS

The Company had discontinued its Fixed Deposit Scheme from 2013-2014.Despite efforts toidentify and re-pay the unclaimed deposits the total amount of fixed deposits matured andremaining unclaimed with the Company as on 31st March 2016 is Rs. 295000/-.The Companyhas not accepted deposits from the public falling within the ambit of Section 73 of theCompanies Act 2013 and The Companies (Acceptance of Deposit) Rules 2014.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act 2013 (‘the Act’) and Rule12(1) of the Companies (Management and Administration) Rules 2014 extract of AnnualReturn is Annexed as Annexure 1 in Form MGT-9.

DIRECTORS

Mr. Amresh Kumar Jain Smt. Jhumur Bhattacharjee and Mr. Dilip Mukherjee areIndependent Directors

(IDs) on the Board of your Company. In the opinion of the Board and as confirmed bythese Directors they fulfil the conditions specified in Section 149 of the Act and theRules made thereunder about their status as IDs of the Company. Mr. Amresh Kumar Jain wasappointed as the ID for 5 (Five) years at the Annual General Meeting held on 10thSeptember 2014 and Smt.Jhumur Bhattacharjee and Mr.Dilip Mukherjee were appointed as IDsfor 5 (Five) years at the Annual General Meeting held on 31st August 2015.

Mr. Sandeep Kumar Jalan Non-Executive and Non-Indpendent Director (bearingDIN-00015836) retires by rotation and being eligible offers himself for re-appointment.

All the Independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149(6) of the Companies Act 2013.

In view of the provisions of the Section 203 of the Companies Act 2013 Mr.Varadarajan Vanchi Managing Director and Mr. Nilimesh Chaudhri Chief Financial Officerare the Key Managerial Personnel (KMP) of the Company. Mr. Nilimesh Chaudhuri wasappointed as the Chief Financial officer on 9-11-2015 after the retirement of Mr. P. K.Chatterjee who was earlier the Chief Financial Officer of the Company.

DETAILS OF BOARD MEETINGS

During the year 4(four) number of Board meetings were held details of which are givenbelow:

Date of the meeting No. of Directors attended the meeting
29-05-2015 4
28-07-2015 4
09-11-2015 5
12-02-2016 5

Committees of Board

The details of composition of the Committees of the Board of Directors are as under:-a.Audit Committee

Sl. No. Name Chairman/ Members
1 Mr. Amresh Kumar Jain Chairman
2 Smt. Jhumur Bhattacharjee Member
3 Mr. Dilip Mukherjee Member

During the year the Committee had met on 29-05-2015 28-07-2015 09-11-2015 and12-02-2016.

Vigil mechanism

The Company has a strict Vigil Mechanism/Whistle Blower Policy to deal with the fraudand mismanagement in accordance with the provisions of Section 177(9) of the CompaniesAct 2013. b. Nomination & Remuneration Committee

Sl. No. Name Chairman/ Members
1 Mr.Amresh Kumar Jain Chairman
2 Smt.Jhumur Bhattacharjee Member
3 Mr. Dilip Mukherjee Member

During the year the Committee had met on 09-11-2015.

c. Stakeholders Relationship Committee

Sl. No. Name Chairman/ Members
1 Mr.Amresh Kumar Jain Chairman
2 Mr.Sandeep Kumar Jalan Member
3 Mr.Varadarajan Vanchi Member

During the year the Committee had met on 29-05-2015 and 12-02-2016.

d. Board Evaluation and Independent Directors Meeting

The formal evaluation of the performance of the Independent DirectorsNon-IndependentDirector and Managing Director of the Company was carried out by the Board in accordancewith the provisions of Section 134 of the Companies Act2013 read with the Rules relatedthereto and Section 178 of the Companies Act2013 and Schedule IV to the Act and the samewas found to be satisfactory. During the year under reviewthe Independent Directors meton 12-02-2016inter-alia to discuss:-l Evaluation of the performance of Non-ExecutiveDirectors and the Board of Directors and the Board of Directors as a whole. l Evaluationof the performance of the Chairman of the Companytaking into account the views of theExecutive and Non-Executive Directors. l Evaluation of the qualitycontent and timelinesof flow of information between Management and the Board that is necessary for the Board toeffectively and reasonably perform its duties.

All the Independent Directors were present at the Meeting.

Remuneration Policy

All the Non-Executive (Independent and Non-Independent) Directors are entitled toreceive Sitting Fees for attending the Board/Audit Committee Meetings.Their appointmentattributes qualifications and experience match with the Company’s criteria.

Mr.Varadarajan Vanchi was re-appointed as the Managing Director of the Company for oneyear from 14-11-2015 to 13-11-2016 at the Board Meeting held on 09-11-2015. Hisremuneration pursuant to Schedule V read with Section 196 and other applicable provisionsof the Companies Act 2013 were recommended by the Nomination and Remuneration Committeeat its meeting held on 09-11-2015. The said re-appointment and remuneration policy wasapproved by the Board of Directors which is being ratified by the shareholders at theensuing Annual General Meeting.

Directors’ Responsibility Statement

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of theCompanies Act 2013 your Directors confirm that: (a) in the preparation of the annualaccounts the applicable accounting standards had been followed along with properexplanation relating to material departures; (b) the directors had selected suchaccounting policies and applied them consistently and made judgments and estimates thatare reasonable and prudent so as to give a true and fair view of the state of affairs ofthe company at the end of the financial year and of the profit and loss of the company forthat period; (c) the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities;(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directorshad laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively; and (f) the directors had devised proper systems to ensure compliance withthe provisions of all applicable laws and that such systems were adequate and operatingeffectively.

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has in place adequate Internal Financial Control System commensurate withthe sizescale and complexity of its operations.The System encompasses the major processesto ensure reliability of financial reporting compliance with policies procedures lawsregulations safeguarding assets and economic and efficient use of resources.

The policies and procedures adopted by the Company ensures the orderly and efficientconduct of business and adherence to the Company’s policies prevention and detectionof frauds and errors accuracy and completeness of the records and timely preparation ofreliable financial information. The Company has implemented Tally ERP 9 solution whichfurther reinforces the Management Information System(MIS). M/s.Jain Binod &AssociatesChartered Accountants have been appointed as the Internal Auditors of theCompany.The internal control systems are monitored and evaluated by the Internal Auditorsand their audit reports are reviewed by the Audit Committee of the Board of Directors onperiodical basis.

Statutory Auditors their Report and Notes to Financial Statements

In the AGM held on 10th September 2014 M/s. Rakesh Sethia & Co. CharteredAccountants has been appointed as the Statutory Auditors of the Company for a period of 3(three) years i.e until the conclusion of three consecutive Annual General Meetings.However the ratification for the re-appointment of the Statutory Auditors from theshareholders is to be sought at every AGM. However the ratification of the re-appointmentof Statutory Auditors was sought at the AGM held on 31st August 2015.

The ratification of the re-appointment of Statutory Auditors is being sought from themembers of the Company at the ensuing Annual General Meeting. The Stautory Auditor hasconfirmed his eligibility under Section 141 of the Companies Act 2013 and the Rulesframed thereunder for re-appointment as Auditors of the Company.

Further the report of the Statutory Auditors alongwith notes to Schedules is enclosedto this report. The Directors are of the view that notes to the Accounts adequatelyprovide the necessary information and answer to the observations of the Auditors in theirReport.

Secretarial Audit

In pursuance of Section 204 of the Companies Act 2013 and The Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014 made there under the Company hasappointed M/s.Sunil Kumar Banerjee Practicing Company Secretary to undertake SecretarialAudit of the Company. The report of the Secretarial Auditor is enclosed as Annexure 2 inMR-3 to this report. The Directors are of the view that the Secretarial Auditors’note adequately provide the necessary information and answer to the observations of theAuditor in his Report.

Related party transactions

All the Related Party transactions pursuant to Section 188 of the Companies Act2013that were entered into during the financial year were on an arm’s length basis andwere in the ordinary course of business.There are no materially significant related partytransactions made by the Company with PromotersDirectorsKey Managerial Personnel whichmay have a potential conflict with the Company at large.

All the Related Party transactions are placed before the Audit Committee as also theBoard for their approval.

The Policy on Related Party Transactions is uploaded on the Company’s website andmay be accessed at the link http://www.kilburn.in.

Thus disclosure in Form No.AOC-2 is not required.

Human Resources

The Company has recognized that good human resource development is essential for thesuccess growth and improvement of the Company.Human relations in the Company continued tobe cordial and satisfactory.

Statement containing salient features of financial statements of Subsidiary/JointVentures/Associates

Pursuant to sub-section (3) of section 129 of the Act the Company does not have anysubsidiary /joint ventures.HoweverShree Durga Agencies Ltd. is an associate since itsholding in the Company is 31.08% which is above 20%.

LoansGuarantees and Investments

There are no loans guarantees and investments made by the Company under Section 186 ofthe Companies Act2013 and hence the said provision is not applicable.

Business Risk Management Policy / Risk Mitigation

In terms of the requirement of the Act the Company has developed and implemented theBusiness Risk Management Policy and the Audit Committee of the Board reviews the sameperiodically like interest risk technological oblosence etc.

Significant and material orders passed by the regulators

During the year under review there are no significant and material orders passed bythe regulators or courts or tribunals impacting the going concern status andcompany’s operations.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

Statement Pursuant to the Provisions of Sec. 134(3)(m) of the Companies Act 2013 Readwith Rule 8 of The Companies (Accounts) Rules 2014 is given as given below:-

A. Conservation of Energy:- NOT APPLICABLE

B. Technology Absorption :- NOT APPLICABLE

C. Foreign Exchange Earnings & Outgo a) Foreign Exchange Earnings : Nil

b) Total Foreign exchange used : Nil

During the year under review the Company has not incurred any expenditure in foreignexchange.

PARTICULARS OF EMPLOYEES

Industrial relations in the Company continued to be cordial and satisfactory.Pursuantto the provisions of Section Section 197 of the Companies Act 2013 Read with Rule 5 ofThe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is notapplicable.

MANAGERIAL REMUNERATION

Pursuant to the provisions of Section Section 197(12) of the Companies Act2013 Readwith Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 in respect of the employees of the Company is attached here as Annexure-3 andforms a part of Directors’ Report.

FRAUD REPORTING

There was no fraud reported by the Auditors of the Company to the Audit Committee orthe Board of Directors of the Company.

CORPORATE GOVERNANCE

Pursuant to the new circular notified by SEBI dated 2nd September 2015 by SEBI’s(Listing Obligations and Disclosure Requirements) 2015 the Corporate Governance pursuantto Regulation 27 shall not be applicable to the Companies having paid up equity sharecapital not exceeding Rs.10 crores and Net Worth not exceeding Rs.25 crores which is inuniformity with the erstwhile Clause 49 of the Listing Agreement.

Since the Paid up Share capital was Rs.7.9501000/- and Networth was Rs. 3573843/-as per the Audited Accounts for the Financial Year ended 31st March 2016 hence thecriteria for applicability of Corporate Governance as per Regulation 27 of the LODR 2015and erstwhile Clause 49 is not applicable to the Company.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION ANDREDRESSAL) ACT 2013

Yours Directors state that there are no such cases in respect of the above mentionedAct.

CORPORATE SOCIAL RESPONSIBILITY

Pursuant to Section 135 of the Companies Act 2013 and Rules made thereundertheCorporate Social Responsibility is not applicable to the Company.

ACKNOWLEDGEMENTS

Your Directors acknowledge the recognition given and trust reposed in your Company bythe Depositors Banks Registrar of Companies (MCA) Reserve Bank of India Mumbai StockExchange and other Government Agencies and record appreciation for their support and lookforward to their continued confidence in the Company. Your Directors also place on recordtheir appreciation for the valuable contribution and co-operation of all categories ofemployees of the Company.

For and on behalf of the Board
VARADARAJAN VANCHI DILIP MUKHERJEE
Place: Kolkata MANAGING DIRECTOR DIRECTOR
Date : 27th May 2016 DIN-00015985 DIN-07244118

Annexure 2

FORM NO.MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31 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]

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2016 To The Members KILBURN OFFICEAUTOMATION LIMITED

(CIN-L27106WB1980PLC033140)

I have conducted the Secretarial Audit of the compliance of applicable statutoryprovisions and the adherence to good corporate practices by KILBURN OFFICE AUTOMATIONLIMITED (hereinafter called the company). Secretarial Audit was conducted in a manner thatprovided me a reasonable basis for evaluating the corporate conducts/statutory compliancesand expressing my opinion thereon.

Based on my 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 March2016 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: I have examined the books papers minute books forms andreturns filed and other records maintained by the Company for the financial year ended on31st March2016according to the provisions of : -

1. The Companies Act 2013 (the Act) and the rules made thereunder;

2. The Securities Contracts (Regulation) Act 1956 (‘SCRA’) and the rulesmade thereunder;

3. The Depositories Act 1996 and the Regulations and Bye-laws framed thereunder;

4. Foreign Exchange Management Act 1999 and the rules and regulations made thereunder.

5. The following Regulations and Guidelines prescribed under the Securities andExchange Board of India Act 1992 (‘SEBI Act’):-(a) The Securities and ExchangeBoard of India (Substantial Acquisition of Shares and Takeovers) Regulations 2011; (b)The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations1992 as amended in 2015.

(c) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2009; (f) The Securities and Exchange Board of India(Registrars to an Issue and Share Transfer Agents) Regulations 1993 regarding theCompanies Act and dealing with client;

6. Employees Provident Fund and Miscellaneous Provisions Act1952Employees PensionScheme1995.

7. Employees State Insurance Act1948.

8. Employers Liability Act1948.

9. Equal Remuneration Act1976.

10 Indian Contract Act1972.

11. Income Tax Act1961 and Indirect Tax Laws. 12. Indian Stamp act1999.

13. Industrial Disputes Act1947. 14. Negotiable Instruments Act1881. 15. Payment ofBonus Act1965. 16. Payment of Gratuity Act1972. 17. Consumer Protection Act.

I have also examined compliance with the applicable clauses of the following: (i)Secretarial Standards issued by The Institute of Company Secretaries of India.

(ii) The erstwhile Listing Agreement entered into by the Company with the Mumbai StockExchange which has been replaced by The Securities & Exchange Board of India(ListingObligations and Requirements) Regulations 2015.

Ifurther report that the company was engaged in Engineering Industry(OfficeAutomation/Equipment).Since the company has discontinued its manufacturing activites andcurrent business operationsno specific statute could be apparently ascertained.Explanation to that effect is given in Clause No.13 of the "Annxure-A" (whichforms part of the report).

During the period under review the Company has complied with the provisions of theActs Rules Regulations Guidelines Standards etc. mentioned above subject to thefollowing observations as placed below as "ANNEXURE-A"(which forms part of thereport).

I further report that the Board of Directors of the Company is constituted with 1Managing Director3 Non-Executive and Independent Directors and 1 Non-Executive andNon-Independent Director. The changes in the composition of the Board of Directors thattook place during the period under review were carried out in compliance with theprovisions of the Act.

Adequate notice was given to all directors to schedule the Board Meetings.Agenda anddetailed notes on agenda were sent at least seven days in advance. 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 carriedthrough while the dissenting members’ views are captured and recorded as part of theminutes.

I further report that there are systems and processes in the company commensurate withthe size and operations of the company to monitor and ensure compliance with applicablelaws rules regulations and guidelines. I further report that during the audit periodthere are no instances of:-(i) Public/Right/ issue of shares / debentures/sweat equityetc. * (ii) Redemption / buy-back of securities (iii) Major decisions taken by the membersin pursuance to section 180 (1)(c)of the Companies Act 2013 (iv) Merger / amalgamation /reconstruction etc.

(v) Foreign technical collaborations. (vi) Issue and Listing of Debt Securities. (vii)Delisting of Equity Shares.

I further report that the Compliance of the provisions of corporate and otherapplicable laws rules regulations standards is the responsibility of the management. Myexamination was limited to verification of procedures on test basis.

I further report that the Secretarial Audit Report is neither an assurance as to thefuture viability of the Company nor of the efficacy or effectiveness with which themanagement has conducted the affairs of the Company.

SUNIL KUMAR BANERJEE
PRACTISING COMPANY SECRETARY
Place : KOLKATA FCS No. : 2189
Date : 27th May 2016 C P No : 4652

ANNEXURE-A OBSERVATIONS

1. Despite the fact that the Company has complied with the provisions rulesregulations guidelines and standards so far as stated there has been delay in filing offorms/returns during the year under review.It is felt that the compliance mechanismsystems procedures can be further strengthened and improved. The Company is yet to filethe Form-AOC-4-XBRL (Financial Statements) for the Financial year ended 31st March 2015pursuant to Section 137 of the Companies Act 2013.

2. Section 203 of the Companies Act 2013 in regard to the appointment of KeyManagerial Personnel (KMP) has been checked.

The Company had re-appointed and varied the terms of remuneration package ofMr.Varadarajan Vanchi and his re-appointment is for a further period of one year from14-11-2015 to 13-11-2016which is being ratified by the Shareholders at the ensuing AnnualGeneral Meeting.

The Company had Chief Financial Officer(CFO) during the year under review. The earlierCFO Mr.Pronab Kumar Chatterjee retired from the services and in his place another personMr.Nilimesh Chaudhri was appointed as CFO.

However the appointment of Company Secretary(CS) was not made during the year.Inspiteof advertisements for the said position the Company was unable to recruit suitablecandidate till date as informed by the management.

3. The Company has not accepted any public deposit during the year under review underthe provisions of Section 73 of the Companies Act 2013 and the Companies (Acceptance ofDeposit) Rules 2014. According to information and explanations given by the managementthere are some unclaimed public deposits amounting to Rs. 295000 on the day of thisreport.

4. Report on Corporate Governance pursuant to Clause 49 of the erstwhile ListingAgreement was not applicable during the period of this report. Howeverthe same has beenreplaced by SEBI’s (Listing Obligations and Disclosure Requirements) Regualtions2015 issued by SEBI on 2nd September 2015.

Regulation 27 of the SEBI’s (LODR) Regulations 2015 shall also not be applicableto the Companies having paid up equity share capital not exceeding Rs.10 crores and NetWorth not exceeding Rs.25 crores Hence the Company was exempted from this regulationduring the year under review.

5. The Company’s Provident Fund is exempted pursuant to the provisions of the Actand the exempted provisions of the Act are applicable. As explained by the management duecompliance has been made under the said acts.

6. According to the explanations given by the management contributions to ESIC werepaid during the year under review but the requisite returns are yet to be filed.

7. According to the exlanations given by the management Professional Taxes were paidduring the year under review but the requisite returns are yet to be filed.

8. (i) On the basis of the information and explanations it was observed that theCompany is having three legal cases pending in the Labour Courts out of which two arepertaining to Pune and one is pertaining to Saket Court New Delhi under IndustrialDisputes Act1947.

(ii) There is a ECGC legal case pending at Jaipur against the Company in the ConsumerCourt. The estimated liability is Rs. 95000/-

9. According to the information and explanations and papers furnished to meI wouldreport that the Gratuity and Leave Encashment liability of the employees as on 31st March2016 are Rs.1186374 and Rs. 479356 respectively. The actuarial valuation of the saidliabilites is determined at the end of the financial year. The Gratuity Liability isfunded with Life Insurance Corporation of India and Leave encashment liability amout isfunded in Fixed Deposits with Banks. 10. A case has been filed by a shareholder seekingcertain documents from the Company at Bankshall Court Kolkata. No financial liability ofthe Company would arise in the said case.

11. A dispute regarding Income Tax amounting to Rs.275 Lacs Rs. 1.50 Lacs and Rs.3.26Lacs for the Financial Years 2004-2005 2010-11 and 2013-14 has been pending withCIT(A)-Kolkata.

12. As explained and declared by the Managementthe Related Party Transactions underSections 177 and 188 of the Companies Act 2013 are adhered to as disclosed in thefinancial statements.

13. According to the information and explanations given to me the Company is graduallydiscontinuing its current operations and is also in the process of identifying newbusiness opportunities. However the Company is liquidating its inventories and collectingits trade receivables. In the present scenario no sector specific law is apparentlyapplicable.

14. Since the Company is not engaged in manufaturing activities the Pollution Controllaws are not apparently applicable.

SUNIL KUMAR BANERJEE
PRACTISING COMPANY SECRETARY
Place : KOLKATA FCS No. : 2189
Date : 27th May 2016 C P No : 4652

 

ANNEXURE -3
As per the provisions of section 197 of the Companies Act 2013 read with Companies (Appointment and remuneration of Managerial Personnel) Rules 2014 every listed company are required to disclose following information in the Board Report
Variation in Market Capitalization (Rs.) 14647717
Price earning Ratio as at the closing date of current financial year -0.98
Price earning Ratio as at the closing date of prevoius financial year -2.06
Percentage increase over decrease in the market quotations of the shares of the company in comparision to the rate at which the company came out the last public offer in case of listed companies and in case of unlisted companies the variations in the net worth of the company as at the close of current financial year and previous financial year N.A
Ratio of the remuneration of each director to the median remuneration of the employees of the company for financial year
Name Ratio of remuneration of each director/ to median remuneration to employees
Shri Varadarajan Vanchi Managing Director 2.79
Shri Nilimesh Chaudhuri Chief Financial Officer 1.48
Percentage increase in remuneration of each Director Chief Financial Officer Company Secretary or Manager
Name % increase
Shri Varadarajan Vanchi Managing Director nil
Shri Nilimesh Chaudhuri - Chief financial Officer nil
Percentage increase in the median remuneration of employees in the financial year nil
Number of permanent employees on the roll of company 5
Explanation on the relationship between average increase in remuneration and company performance Net Loss
Comparison of the remuneration of the Key Managerial Personnel against the performance of the company increase in remuneration of KMP-Nil
Average percentile increase already made in the salaries of employees other than the managerial personnel increase in non managerial personnel -Nil
In the last financial year and its comparision with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration Managerial Personnel -Nil
Comparision of the each remuneration of the Key Managerial Personnel against the performance of the Company Same as above
Key parameters for any variable component of remuneration availed by the directors Nil
Ratio of the remuneration of the highest paid Director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year Nil
We affirm that the remuneration paid to the Managerial and non Managerial Personnel is as per the remuneration policy of the company