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Kiran Vyapar Ltd.

BSE: 537750 Sector: Financials
NSE: N.A. ISIN Code: INE555P01013
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VOLUME 22344
52-Week high 168.70
52-Week low 97.25
P/E 42.91
Mkt Cap.(Rs cr) 348
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
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OPEN 135.00
CLOSE 135.50
VOLUME 22344
52-Week high 168.70
52-Week low 97.25
P/E 42.91
Mkt Cap.(Rs cr) 348
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kiran Vyapar Ltd. (KIRANVYAPAR) - Director Report

Company director report

TO THE MEMBERS

Your Directors have pleasure in presenting their 21st Annual Report on the business andoperations of the Company and the Audited Financial Statements for the Financial Yearended 31st March 2017.

1. Financial Performance of the Company

Particulars Consolidated Standalone
2017 2016 2017 2016
Total Income 12062.25 7604.03 2478.32 1960.77
Total Expenses 6725.28 2825.83 1486.01 1116.96
Exceptional Items - 168.16 - -
Profit Before Tax 5336.97 4946.36 992.31 843.82
Tax Expenses
Current Tax -646.90 -411.04 -222.00 -140.00
Deferred Tax Charge / (Credit) -18.62 -14.91 36.93 15.24
MAT Credit - 11.37 - -
Tax for earlier Years 9.62 10.01 - -
Profit for the year 4718.31 4541.78 807.24 719.05
Share of Profit/Loss from Associates 429.23 -689.18 - -
Profit before Minority Interest 5147.54 3852.60 - -
Minority Interest 380.44 367.88 - -
Profit for the year after Minority Interest 4767.10 3484.74 - -
Amount Available for Appropriations
Transfer to General Reserve - -100.00 - -100.00
Proposed Dividend - -648.00 - -648.00
Tax on Proposed Dividend - -131.92 - -131.91
Transfer to Statutory Reserve -216.44 -209.27 -161.44 -143.81
Adjustment for Depreciation - - - -
Balance Carried forward 58049.87 53499.19 44243.60 43597.80

a) Consolidated operations

Revenue from the consolidated operations of the Company for the year ended 31st March2017 was

` 12062.25 Lacs. It is 58.63 per cent higher than ` 7604.02 Lacs in the previous year.Overall operational expenses for the year was ` 6725.28 Lacs against ` 2825.83 Lacs in theprevious year. Profit after Tax for the year at ` 4767.11 Lacs was higher by 36.80 percent over ` 3484.74 Lacs in the previous year.

b) Standalone operations

Revenue from the standalone operations of the Company for the year was ` 2478.32 Lacs.It is 26.39 per cent higher than ` 1960.77 Lacs in the previous year. Overall operationalexpenses for the year was

` 1486.01 Lacs against ` 1116.96 Lacs in the previous year. Profit after tax for theyear stood at ` 807.24 Lacs higher by 12.26 per cent over ` 719.05 Lacs in the previousyear.

The Capital to Risk Assets Ratio (CRAR) of your Company stood at 73.68 per cent as onMarch 31 2017 well above the regulatory minimum level of 15 per cent prescribed by theReserve Bank of India for Systemically Important Non-Deposit Taking NBFCs (NBFCs- ND-SI).Of this the Tier I CRAR was 73.30 per cent. The Financial Statements of your Company havebeen prepared in accordance with the Generally Accepted Accounting Principles in India(Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) ofthe Companies Act 1956 (which continue to be applicable in respect of Section 133 of theCompanies Act 2013 read with Rule 7 of The Companies (Accounts) Rules 2014) and therelevant provisions of the Companies Act 1956 / Companies Act 2013 as applicable andRegulation 48 of the Securities and

Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015. Accounting policies have been consistently applied except where a newly issuedaccounting standard if initially adopted or a revision to an existing accounting standardrequires a change in the accounting policy hitherto in use. Your Company has complied withall the norms prescribed by the Reserve Bank of India (RBI) including the Fair practicesAnti Money Laundering and Know Your Customer (KYC) guidelines.

2 . Dividend

Your Directors recommend a Dividend of ` 2.50/- per equity share aggregating to ` 648Lacs to the Equity shareholders of your Company for the Financial Year 2016-17. Thedividend shall be subject to tax on dividend to be paid by your Company. The Dividend Taxamounts to ` 131.92 Lacs.

3 . Reserves

The Board in its meeting held on May 27 2017 proposes to carry an amount of ` 161.44Lacs to Statutory Reserve as per the existing provisions of the Companies Act 2013 andrules there under read with the Reserve Bank of India Guidelines as applicable to theCompany.

4. Brief description of the Company's Affairs

Your Company is a Non-Banking Financial Company registered with the Reserve Bank ofIndia. The Business model of the Company comprises of Lending and Acquisition /Investments in Shares and Securities including Mutual Funds etc.

5. Change in the nature of business

During the year under review there was no change in the nature of the business of theCompany.

6. Material changes and commitments

There were no material changes and commitments affecting the financial position of theCompany which have occurred between the end of the financial year 31st March 2017 and atthe date of report.

7 . Details of significant and material orders passed by the regulators orcourts or tribunals

During the year under review no significant and material orders were passed by theregulators or courts or tribunals impacting the going concern status and company'soperations in future.

8. Adequacy of internal financial controls with reference to the FinancialStatements

The Directors had laid down internal financial controls procedures to be followed bythe Company which ensure compliance with various policies practices and statutes inkeeping with the organization's pace of growth and increasing complexity of operations fororderly and efficient conduct of its business. The Audit Committee of the Board from timeto time evaluated the internal financial control of the Company with regard to-

1. Systems have been laid to ensure that all transactions are executed in accordancewith management's general and specific authorization. There are well laid manuals for suchgeneral or specific authorization.

2. Systems and procedures exist to ensure that all transactions are recorded as isnecessary to permit preparation of financial statements in conformity with generallyaccepted accounting principles or any other criteria applicable to such statements and tomaintain accountability for aspects and the timely preparation of reliable financialinformation.

3. Access to assets is permitted only in accordance with management's general andspecific authorization. No assets of the Company are allowed to be used for personalpurposes except in accordance with terms of employment or except as specificallypermitted.

4. The existing assets of the Company are verified/ checked at reasonable intervals andappropriate action is taken with respect to any differences if any.

5. Proper Systems are in place for prevention and detection of frauds and errors andfor ensuring adherence to the Company's policies.

Based on the above your Board is of the view that adequate internal financial controlsexist in the Company.

9. Details of Subsidiary/Joint Ventures/Associate Companies a) SubsidiaryCompanies

NAME OF THE COMPANY RELATION
1 Iota Mtech Ltd. Wholly Owned Subsidiary
2 Anantay Greenview Private Ltd. Subsidiary
3 Sarvadeva Greenpark Private Ltd. Subsidiary
4 Satyawatche Greeneries Private Ltd. Subsidiary
5 Subhprada Greeneries Private Ltd. Subsidiary
6 Uttaray Greenpark Private Ltd. Subsidiary
7 Mahate Greenview Private Ltd. Subsidiary
8 Sishiray Greenview Private Ltd. Subsidiary
9 Magma Realty Private Ltd. Subsidiary
10 Samay Industries Ltd. Subsidiary
11 Shree Krishna Agency Ltd. Subsidiary
12 Amritpay Greenfield Private Ltd Step down subsidiary
13 Divyay Greeneries Private Ltd Step down subsidiary
14 Sarvay Greenhub Private Ltd. Step down subsidiary

Policy for determining ‘Material' Subsidiaries

The Company has adopted a Policy on Material Subsidiaries as approved by the Board. Ithas been posted on the website of the Company at its weblinkhttp://www.lnbgroup.com/kiran/policies.php. More details are given in the CorporateGovernance Report annexed hereto.

During the year under review there has been no change in the number of subsidiaries orin the nature of business of the subsidiaries. b) Associate Company

NAME OF THE COMPANY
1 Placid Ltd.
2 Navjyoti Commodity Management Services Ltd.

The statement in Form AOC-1 containing the salient features of the financial statementof your Subsidiary Companies and Associates pursuant to first proviso of sub section (3)of Section 129 of the Companies Act 2013 forms part of the Annual Report.

In accordance with third proviso of Section 136(1) of the Companies Act 2013 andRegulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015the Annual Report of the Company along with its Standalone and the Consolidated FinancialStatements have been posted on the website of the Company www.lnbgroup.com/kiran.

Shareholders interested in obtaining a copy of the audited annual accounts of thesubsidiary companies and associates may write to the Company Secretary at the Company'sregistered office. The same is also available on the website of the Companywww.lnbgroup.com/kiran. c) Joint Venture

During the year under review the Company had no joint ventures.

10. Deposits

Your Company is an NBFC "Non Deposit Taking Systemically Important Company"registered with Reserve Bank of India. During the year under review your Company has notaccepted any deposits from the public within the meaning of the provisions of theNon-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions1998 and Chapter V of the Companies Act 2013.

11. Statutory Auditors

M/s. Walker Chandiok & Co. LLP Chartered Accountants bearing Registration No.001076N/N500013 have been appointed as the Statutory Auditors of the Company for a periodof 5 (five) years from the conclusion of the 19th Annual General Meeting till theconclusion of the 24th Annual General Meeting. The consent have been received from theStatutory Auditors of the Company towards ratification of their appointment for theFinancial Year 2017-18.

The Board now recommends the appointment of M/s. Walker Chandiok & Co. LLP forratification by the shareholders at the ensuing Annual General Meeting of the Company.

12. Auditors' Report

The notes on financial statements referred to in the Auditors Report areself-explanatory and do not call for any further comments. The Auditors Report does notcontain any qualification reservation or adverse remark.

13. Share Capital

During the year under review your Company has neither issued and allotted any freshequity shares (including ESOP) nor has granted any stock options and sweat equity as on31st March 2017. None of the Directors of the Company hold instruments convertible intoequity shares of the Company.

14. Extract of the Annual Return

Extract of the Annual Return as on the financial year ended March 31 2017 in FormMGT-9 as per Section 134(3)(a) of the Companies Act 2013 read with Rule 8 of CompaniesAct (Accounts) Rules 2014 and Rule 12 of Companies (Management and Administration) Rules2014 is annexed hereto and forms part of this report as

"Annexure A".

15. Energy Conservation Technology Absorption and Foreign Earning/Outgo

As your Company is a Non-Banking Financial Company and does not own any manufacturingunit there are no particulars with regard to disclosure under Section 134 of theCompanies Act 2013 with regard to conservation of energy technology absorption etc.

During the year under review there is neither foreign exchange earnings nor foreignexchange outgo.

16. Directors and Key Managerial Personnel: a) Details of Directors retiring byrotation

In accordance with the provisions of the Companies Act 2013 Shri Lakshmi Niwas Bangur(DIN:00012617) retires by rotation at the ensuing Annual General Meeting and beingeligible offers himself for re-appointment. Brief profile of Shri Lakshmi Niwas Bangurwho is to be re-appointed is furnished in the Notice of the ensuing Annual General Meetingas per Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. The Board of Directors of your Company recommends the re-appointment ofShri Lakshmi Niwas Bangur at the ensuing Annual General Meeting.

b) Appointment/ Re-appointment of Directors

During the year under review there is no change in the composition of Directors of theCompany. c) Appointment/Resignation of Key Managerial Personnel

During the year under review Mr. Aakash Jain Company Secretary & Complianceofficer of the Company has resigned with effect from April 24 2017.

17. Declaration by Independent Directors

The Company has received declaration from the Independent Director(s) of the Companydeclaring that they meet the criteria of independence both as under sub-section (6) ofSection 149 of the Companies Act 2013 and under Regulation 16 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. Based on the declarationsdisclosures received from the Independent Directors and on evaluation of the relationshipsdisclosed the following Non-executive Directors are Independent Directors in terms of theRegulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015and Section 149(6) of the Companies Act 2013.

1. Mr. Amitav Kothari

2. Mr. Bhaskar Banerjee

3. Mr. Rajiv Kapasi

18. Board Evaluation

Pursuant to the provisions of the Companies Act 2013 and Regulation 17(10) of theListing Regulations 2015 the Board has carried out the annual performance evaluation ofthe Directors individually as well as evaluation of the working of the Board and of theCommittees of the Board by way of individual and collective feedback from Directors.Pursuant to Para VII of Schedule IV of the Companies Act 2013 and Regulation 25 (3) ofthe Listing Regulations 2015 a separate meeting of the Independent Directors of theCompany was convened to perform the following: ??review the performance of non-independentdirectors and the Board as a whole;

??review the performance of the Chairperson of the Company taking into account theviews of executive directors and non-executive directors;

??assess the quality quantity and timeliness of flow of information between theCompany management and the Board that is necessary for the Board to effectively andreasonably perform their duties.

Further the Nomination and Remuneration Committee also evaluated the performance ofall the Directors of the Company. Based on the criteria the performance of the Boardvarious Board Committees and Individual Directors (including Independent Directors) wasevaluated and found to be satisfactory.

During the year under review the Independent Directors of your Company reviewed theperformance of Non-Independent Directors and Chairperson of your Company taking intoaccount the views of Executive Director and Non-Executive Directors.

Further the Independent Directors hold an unanimous opinion that the Non- IndependentDirectors including the Chairman and Managing Director bring to the Board abundantknowledge in their respective field and are experts in their areas. The Board as a wholeis an integrated balanced and consistent unit where diverse views are expressed whenrequired with each Director bringing professional domain knowledge to the table. AllDirectors are participative interactive and communicative.

19. Familiarization Programme for Board members

The Company is required to conduct the Familiarization Programme for IndependentDirectors (IDs) in terms of Regulation 25(7) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 to familiarize them about the Company their rolesrights responsibilities in the Company and various updates and notifications underCompanies Act 2013 Listing Regulations 2015 Reserve Bank of India Guidelines and otherstatutes applicable to the Company.

The details of such Familiarization Programme for Directors may be viewed at thewebsite of the Company at its weblink http://www.lnbgroup.com/kiran/investors.php

20. Consolidated Financial Statements

In accordance with the requirements of sub section (3) of Section 129 of the CompaniesAct 2013 and other allied rules thereof and as per Regulation 33 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 your Company has preparedConsolidated Financial Statements in accordance with Accounting Standard 21-"Consolidated financial Statements" and Accounting Standard 23- "Accountingfor Investments in Associates" issued by The Institute of the Chartered Accountantsof India. The Consolidated Financial Statements forms part of the Annual Report.

21. Number of meetings of the Board of Directors

The Board meets at regular intervals to discuss and decide on Company's business Policyand strategy apart from other broad business. However in case of a special and urgentbusiness need the Board's approval is taken by passing resolutions through circulationas permitted by law which are confirmed in the subsequent Board Meeting. The notice ofBoard Meeting is given well in advance to all the Directors. Meetings of the Board areheld in Kolkata. The Agenda of the Board / Committee Meetings is circulated at least 7(seven) days prior to the date of the meeting as per Secretarial Standard on meeting ofthe Board of Directors (SS-1). The Agenda for the Board and Committee Meetings includesdetailed notes on the items to be discussed at the meeting to enable the Directors to takean informed decision.

The detailed information chart showing the date of the meeting of the Board and itsvarious Committees as well as details of the Directors who attended the meeting is givenin the Corporate Governance Report forming part of the Annual Report.

22. Committees of the Board

During the financial year ended March 31 2017 the Company has eight committees asmentioned below:

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination and Remuneration Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

6. Loan and Investment Committee

7. Asset Liability Management Committee

8. Grievance Redressal Committee

Details of the Committees along with their charters composition and meetings heldduring the year are provided in the Corporate Governance Report forming a part of thisAnnual Report.

23. Audit Committee

The Composition terms of reference and other details of the Committee forms part ofthe Corporate Governance Report as annexed hereto. All the recommendations made by theAudit Committee during the year were accepted by the Board.

24. Stakeholders Relationship Committee

The Composition terms of reference and other details of the Committee forms part ofthe Corporate Governance Report forming part of this Annual Report.

25. Nomination and Remuneration Committee

The Composition terms of reference and other details of the Committee forms part ofthe Corporate Governance Report forming part of this Annual Report. The Nomination andRemuneration Policy is annexed with the Annual report and also posted on the website ofthe Company at its weblink http://www.lnbgroup.com/kiran/policies.php

26. Corporate Social Responsibility (CSR) Committee

The Company has constituted a Corporate Social Responsibility (CSR) Committee inaccordance with Section 135 of the Companies Act 2013. The Annual Report on CSRactivities including the details about the development of CSR Policy and initiatives takenby the Company on Corporate Social Responsibility during the year as required by theCompanies (Corporate Social Responsibility Policy) Rules 2014 are given in the Annexure‘B' to this Report. The Corporate Social Responsibility Policy has been posted onthe website of the Company at its weblink http://www.lnbgroup.com/kiran/policies.php

27. Vigil Mechanism / Whistle Blower Policy

The Board of Directors of the Company has established a Vigil Mechanism for Directorsand employees and adopted the Whistle Blower Policy in terms of Section 177 of theCompanies Act 2013 and Regulation 22 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 to report concerns about unethical behavior wrongfulconduct and violation of Company's Code of conduct or ethics policy. The details of whichhave been given in the Corporate Governance Report annexed to this Report and also postedon the website of the Company at its weblink http://www.lnbgroup.com/kiran/policies.php

28. Particulars of Loans Guarantees or Investments outstanding during the FinancialYear

Particulars of the Loans/guarantee/advances and Investments outstanding during thefinancial year are fully disclosed in the Note no. 34 attached to the annual accountswhich are attached with this report.

29. Related Party Transactions

All contracts or arrangements or transactions entered by the Company during thefinancial year with related parties were in the ordinary course of business and on arm'slength basis and are reviewed by the Audit Committee of the Board.

During the year under review the Company has not entered into contracts orarrangements or transactions with related parties which comes under the purview of Section188 of the Companies Act 2013. Accordingly no transactions are reported in Form no. AOC– 2 in terms of Section 134 of the Companies Act 2013 read with Rule 8 of theCompanies (Accounts) Rules 2014. However there are some material transactions expectedto be entered into with Group Companies as per Regulation 23 SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 for which the approval of the members isproposed in the ensuing Annual General Meeting. The details are mentioned in the Notice of21st Annual General Meeting of the Company. The Policy on Related Party Transaction asapproved by the Board has been posted on the website of the Company at its weblinkhttp://www.lnbgroup.com/kiran/policies.php

30. Particulars of employees and related disclosures

In terms of the provisions of Section 197(12) of the Companies Act 2013 read with Rule5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 thedetails are annexed as "Annexure C" to the Annual Report.

Further in accordance with Rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 there are no employees in the Companydrawing remuneration in excess of the limits set out in the said rules.

31. Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directorsof the Company has appointed M/ s Vinod Kothari & Co Practicing Company Secretariesto conduct the Secretarial Audit for the financial year 2016-17. The Secretarial AuditReport for the Financial Year 2016-17 is appended as Annexure ‘D' which isself-explanatory.The said Report does not contain any qualification reservation oradverse remark.

32. Management Discussion and Analysis Report

The Management's Discussion and Analysis Report for the year under review asstipulated under Regulation 34(2)(e) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 and Non-Banking Financial Company Corporate Governance(Reserve Bank) Directions 2015 forms part of the Annual Report.

33. Corporate Governance

The Company is committed to maintaining the premier standards of Corporate Governanceand adhering to the Corporate Governance requirements as set out by Securities andExchange Board of India and Reserve Bank of India. The Report on Corporate Governance asstipulated under Regulation 34(3) read with Schedule V of the Listing Regulations 2015and Non-Banking Financial Company Corporate Governance (Reserve Bank) Directions 2015forms part of the Annual Report.

The Certificate from the Auditors of the Company confirming compliance with theconditions of Corporate Governance also forms part of this Annual Report.

Further declaration by Mr. Shreeyash Bangur Managing Director stating that themembers of the Board of Directors and Senior Management Personnel have affirmed compliancewith the Code of Conduct of the board of Directors and Senior Management are annexed withthis Report.

34. CEO& CFO certification

Certificate from Mr. Shreeyash Bangur Managing Director and Mr. Ajay Sonthalia ChiefFinancial Officer pursuant to Regulation 17(8) read with Schedule II of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 for the year under review formspart of this Annual Report.

35. Risk Management

The Company has in place a mechanism to identify assess monitor and mitigate variousrisks that may impact key business objectives of your Company.

Your Company has adopted the Risk Management Policy in order to ensure that all thecurrent and future material risk exposures of the Company are identified assessedquantified appropriately mitigated and managed to establish a framework for thecompany's risk management process and to ensure its wide implementation to ensuresystematic and uniform assessment of risks related with giving loans and makinginvestment to enable compliance with appropriate regulations wherever applicablethrough the adoption of best practices and to assure business growth with financialstability.

Major risks identified by the businesses and functions are systematically addressedthrough mitigating actions on a continuing basis. These are discussed at Risk ManagementCommittee and the same is even referred to the Audit Committee and the Board of Directorsof the Company if any.

The composition and other details of the Risk Management Committee forms part of theCorporate Governance Report as annexed hereto.

36. Directors' Responsibility Statement

In terms of the provisions on the Directors' Responsibility Statement referred inSection 134 (5) of the Companies Act 2013 your Director's confirm that—(a) in thepreparation of the annual accounts the applicable accounting standards had been followedalong with proper explanation relating to material departures; (b) the directors hadselected such accounting policies and applied them consistently and made judgments andestimates that are reasonable and prudent so as to give a true and fair view of the stateof affairs of the Company at the end of the financial year and of the profit of theCompany for that period; (c) the directors had taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of this Actfor safeguarding the assets of the company and for preventing and detecting fraud andother irregularities; (d) the directors had prepared the annual accounts on a goingconcern basis; and (e) the directors had laid down internal financial controls to befollowed by the Company and that such internal financial controls are adequate and wereoperating effectively.

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

37. Disclosures under Sexual Harassment of Women at Workplace (Prevention Prohibition& Redressal) Act 2013

The Company is committed to provide safe and conducive work environment to itsemployees and has formulated "Policy for Prevention of Sexual Harassment" toprohibit prevent or deter any acts of sexual harassment at workplace and to provide theprocedure for the redressal of complaints pertaining to sexual harassment therebyproviding a safe and healthy work environment. During the year under review no case ofsexual harassment was reported.

38. Fraud Reporting

There have been no frauds reported by the auditors of the Company under sub-section(12) of section 143 of the Companies Act 2013 and to Central Government as per CompaniesAmendment Act 2015.

39. RBI Guidelines - Compliance

Your Company continues to carry on its business of Non-Banking Financial Company as aNon-Deposit taking Company and follows prudent financial management norms as applicable.Your Company appends a Statement containing particulars as required in terms of Paragraph18 of Master Direction - Non-Banking Financial Company - Systemically ImportantNon-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions 2016alongwith the Statement of Balance Sheet disclosures for NBFC's with Assets Size of ` 500crores as required in terms of Non-Banking Financial Companies – Corporate Governance(Reserve Bank) Directions 2015.

40. Acknowledgements

Your Directors would like to record their appreciation of the hard work and commitmentof the Company employees and are grateful for the co-operation and support extended to theCompany by the Bankers Statutory Authorities Financial Institutions(s) and all otherestablishments connected with the business of the Company.

For and on behalf of the Board of Directors

Lakshmi Niwas Bangur Shreeyash Bangur
(DIN 00012617) (DIN 00012825)
Chairman Managing Director

 

Place : Kolkata
Date : 27.05.2017