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Kkalpana Plastick Ltd.

BSE: 523652 Sector: Consumer
NSE: N.A. ISIN Code: INE465K01016
BSE 12:12 | 14 Feb 5.63 0.26
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NSE 05:30 | 01 Jan Kkalpana Plastick Ltd
OPEN 5.63
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VOLUME 50
52-Week high 7.60
52-Week low 5.12
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.63
Buy Qty 4950.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.63
CLOSE 5.37
VOLUME 50
52-Week high 7.60
52-Week low 5.12
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.63
Buy Qty 4950.00
Sell Price 0.00
Sell Qty 0.00

Kkalpana Plastick Ltd. (KKALPANAPLASTIC) - Director Report

Company director report

Dear Shareholders Kkalpana Plastick Limited

Your Directors are pleased to present the 28th Annual Report together with the AuditedStatement of Accounts of Kkalpana Plastick Limited (‘the Company') for the year ended31st March 2017.

Financial Performance
( In Lacs)
Particulars 2016-2017 2015-2016
Sales & other Income 43.74 50.19
Profit/ (Loss) before Depreciation Interest & Tax (22.61) 17.02
Less : Depreciation 0.27 0.36
Interest 0.17 0.05
Profit / (Loss) before Tax (23.05) 16.61
Less : Provision for Tax
Current Tax 0.00 4.91
Deferred Tax 0.00 0.00
Tax Expense for earlier years 0.12 0.00
Profit / (Loss) After Tax (23.17) 11.69
Add: Profit brought forward from previous year. 51.36 39.67
Balance Carried to B/S 28.19 51.36

Indian Accounting Standards:

The Ministry of Corporate Affairs (MCA) vide its notification in the Official Gazettedated 16th February 2015 notified the Indian Accounting Standards (Ind AS)applicable to certain classes of companies. IndAS has replaced the existing Indian GAAPprescribed under Section 133 of the Companies Act 2013 read with Rule 7 of Companies(Accounts) Rules 2014. For your Company Ind AS is applicable from 1st April2017.

Dividend:

Due to loss of Rs. 23.17 Lacs incurred during the year your Directors do not recommendany dividend for the financial year 2016-17.

Operations and State of Company's Affairs:

During the year under review the turnover (comprises mainly other income) of theCompany was Rs. 43.74 Lacs as compared to Rs. 50.19 Lacs in the previous year. The lossafter tax is Rs. 23.17 lacs as against profit of Rs. 11.69 lacs in the previous year.

Transfer to General Reserve:

The Company proposes not to transfer any funds to the General Reserve for the financialyear 2016-17.

Change in nature of Business if any:

There has been no change in the nature of business of the Company.

Closure of Share Transfer Books and Record Date

The Register of Members and Share Transfer Books of the Company will be closed from 16thSeptember 2017 (Saturday) to 22nd September 2017 (Friday) (both daysinclusive) for the purpose of 28th Annual General Meeting of the Company to beheld on Friday 22nd September 2017 and for determining dividend if anydeclared by the Company for the Financial Year 2016-17.

The Record date for payment of the said dividend if any as well as for E-Voting is 16thSeptember 2017.

Transfer of Amounts to Investor Education and Protection Fund

Your Company did not have any funds lying unpaid or unclaimed for a period of sevenyears. Therefore there were no funds which were required to be transferred to InvestorEducation and Protection Fund (IEPF).

Material changes and commitments affecting the financial position of the Company:

No material change and commitment affecting the financial position of the Company haveoccurred between the end of the financial year to which the financial statements relateand the date of the report.

Particulars of Loans Guarantees and Investments:

The Company has not given loans guarantees or made investments exceeding sixty percent of its paid-up share capital free reserves and securities premium account or onehundred per cent of its free reserves and securities premium account whichever is moreas prescribed in Section 186 of the Companies Act 2013.

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are provided in the financial statement (please refer toNote 3 to the financial statement).

Particulars of Contracts or Arrangements made with Related Parties:

In line with the requirements of the Companies Act 2013 and Listing Regulations yourCompany has formulated a policy on Related Party Transactions which is also available onthe Company's website at www.kkalpanaplastick.com.

All transactions with the related parties during the year under review were on arm'slength basis and in the ordinary course of business. Thus disclosure required undersection 134(3) (h) of the Act in Form AOC-2 is not applicable to your Company.

Deposits:

Your Company has not accepted any deposit during the year under review in terms ofSection 73 of the Companies Act 2013 read with Companies (Acceptance of Deposit) Rules2014 and there were no unpaid deposits with the Company.

Details of Subsidiary/Joint-Venture/Associate Companies:

None of the company has become or ceased to become the subsidiary joint venture orassociate of your Company during the financial year 2016-17.

Risk Management:

In terms of the requirement of the Act the Company has developed and implemented theRisk Management Policy and the Audit Committee of the Board reviews the same periodically.

Vigil mechanism/ Whistle Blower Policy:

Pursuant to the requirement of Section 177(9) of the Companies Act 2013 read withRegulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015the Company has established vigil mechanism/ whistle blower policy to report genuineconcerns or grievances. Protected disclosures can be made by a whistle blower through an email or phone or letter to the chairman of Audit Committee. The vigil mechanism/ whistleblower policy has also been posted on http://kkalpanaplastick.com/policy-as-per-companies-act-2013/

Particulars of Employees:

None of the employees employed during the yearwas in receipt of remunerationinaggregate of Rupees One Crore and Two Lakhs or more per annum for the financial year2016-17 or Rupees Eight Lakh Fifty Thousand or more per month for any part of theFinancial Year as set out in the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 Therefore no details have been provided or required under section197(12) of the Companies Act 2013 read with Rules 5(2) and 5(3) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.

The ratio of remuneration of each Director to the median employee's remuneration andother details in accordance with sub-section 12 of Section 197 of the Act read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014as amended forms part of this report and is marked as "Annexure 1".

Internal financial controls:

The internal financial controls with reference to the Financial Statements arecommensurate with the size and nature of business of the Company.

Share Capital:

The paid up Equity Share Capital as on 31st March 2017 was Rs.552.85 lacs.During the year under review there has not been any change in the Equity Share Capital ofthe Company. It has neither issued shares with differential voting rights nor issued sweatequity or granted stock options. As on 31st March 2017 none of the Directorsholds any shares in the company.

Directors & Key Managerial Personnel: Inductions:

During the year under review Mr. Bibhakar Jha (DIN: 07208093) and Mr. Rama Kant Mishra(DIN: 06882372) were appointed as an Additional Director under the category IndependentDirector on the Board of the Company with effect from 28th November 2016 and14th February 2017 respectively to hold office till the conclusion of theensuing Annual General Meeting of the Company. Pursuant to the provisions of Section 161of the Companies Act 2013 Mr. Jha and Mr. Mishra vacate office at the ensuing AnnualGeneral Meeting. However the Company has received requisite notice from a member undersection 160 of the Companies Act 2013 proposing names of Mr. Bibhakar Jha and Mr. RamaKant Mishra for the office of director. Accordingly the Board recommends the resolutionin relation to appointment of Mr. Jha and Mr. Mishra as an Independent Director for a termof five years for the approval by the shareholders of the Company. Members are requestedto refer to Item Nos. 4 and 5 of the Notice of the Annual General Meeting (AGM) and therelated Explanatory Statement for details.The format of the letter of appointment isavailable on http://kkalpanaplastick.com/draft-appointment-letter/

Declaration by Independent Directors:

The Company has received necessary declarations from each Independent Directors of theCompany pursuant to provisions of Section 149(7) confirming that they meet the criteriaof independence as laid down under Section 149(6) of the Companies Act 2013 andRegulation 16(1) (b) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. In the opinion of the Board they fulfill the conditions ofindependence as specified in the Act and the Rules made there under and are independent ofthe management.

Re-appointments:

In accordance with the provisions of Section 152 of the Companies Act 2013Mr. DeoKishan Kalwani (DIN: 03363450) Whole-Time Director of the Company retires by rotation atthe conclusion of the forthcoming Annual General Meeting and being eligible has offeredhimself for re-appointment.

On the recommendation of the Nomination and Remuneration Committee the Board ofDirectors at its meeting held on 29th May 2017 subject to the approval of the Membersat the AGM re-appointed Mr. DeoKishanKalwani as the Whole-Time Director of the Companyfor a further term of 1 (one) year with effect from 01st April 2017 up to 31stMarch 2018. Members are requested to refer to Item No. 6 of the Notice of the AGM and therelated Explanatory Statement for the terms of re-appointment and remuneration of Mr.Kalwani.Accordingly approval of the members is sought for reappointment of Mr. Deo KishanKalwani at the forthcoming AGM.

None of the Independent Directors are due for re-appointment.

Cessations:

During the year under review due to personal reasons Mr. Jitendra Tiwari (DIN:00228352) and Mr. Braj Kishor Shahi (DIN: 07291517) resigned from the Board of the Companywith effect from 28th November 2016 and 08th December 2016respectively. The Board appreciates the services rendered by them to the company.

Your Company has also received declaration from all the directors as enumerated insection 164(2) and 184(1) of the Companies Act 2013.

Familiarization Programme for Independent Directors:

The Company has organized a familiarization programme for the Independent Directors asper the requirement of the Companies Act 2013 and Regulation 25(7) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 which is also available onhttp://kkalpanaplastick.com/wp-content/uploads/2016/03/FAMILIARIZATION-PROGRAMME-FOR-INDEPENDENT-DIRECTORS.pdf. Allnew independent directors inducted into the Board attended the orientation programme.Further at the time of the appointment of an Independent Director the company issues aformal letter of appointment outlining his/her role function duties andresponsibilities. The format of the letter of appointment is available onhttp://kkalpanaplastick.com/draft-appointment-letter/.

Policy on Director's Appointment and Remuneration:

The current policy is to have an appropriate mix of executive and independent directorsto maintain the independence of the Board and separate its functions of governance andmanagement. As of 31st March 2017 the Board had 4 members 1 of whom isexecutive and 3 are independent directors.

The Company has a Nomination and Remuneration Committee (NRC) and the Company's Policyfor selection and appointment of Directors and their remuneration is based on its NRCpolicy which inter alia deals with the manner of selection of the Directors and suchother matters as provided under section 178(3) of the Companies Act 2013 and Regulation19(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

The policy of the Company on director's appointment and remuneration including thecriteria for determining qualifications positive attributes independence of a directorand other matters as required under section 178(3) of the Companies Act 2013 isavailable on http://kkalpanaplastick.com/policy-asper-companies-act-2013/.

There has been no change in the policy since last fiscal. We affirm that theremuneration paid to the directors is as per the terms laid out in the Nomination andRemuneration Policy of the Company.

Suitable resolutions for appointment / reappointment of Directors as referred abovewill be placed for approval of the members in the forthcoming Annual General Meeting. Thebrief resume and other information of the concerned directors in terms of the provisionsof Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements)Regulations2015 have been detailed in the notice convening the forthcoming AnnualGeneral Meeting.

Board Evaluation:

The Company has devised a policy for performance evaluation of Independent Directorsand the Board which includes criteria for performance evaluation of the non-executive andexecutive Directors.

Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the formal annual evaluation was carried outfor the Board's own performance its committees & Individual Directors.

A structured questionnaire was prepared after taking into consideration inputs receivedfrom the Directors covering various aspects of the Board's functioning including adequacyof the composition of the Board and its Committees Board culture execution andperformance of specific duties obligations and governance.

A separate exercise was carried out for the evaluation of individual Directors (bothExecutive and Non

– Executive/ Independent Directors) Board Committees and the Chairman. TheDirectors evaluation was broadly based on parameters such as meeting the expectation ofstakeholders guidance and review of corporate strategy risks participation andattendance at Board / Committee meetings interpersonal skills. The performance evaluationof the Chairman of the Company was undertaken by the Independent Directors taking intoaccount the views of Executive Directors and Non –Executive Directors. TheIndependent Directors also assessed the quality quantity and timeliness of flow ofinformation between the Company's management and the Board. The directors expressedoverall satisfaction on the evaluation process. Based on the feedback of the BoardEvaluation Process appropriate measures were taken to further improve the process andother aspects.

Directors' Responsibility Statement:

In terms of Section 134 (5) of the Companies Act 2013 the directors would like tostate that:

a) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures.

b) The directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that period.

c) The directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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 and

e) The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

f) The directors had devised proper system to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

Board Meetings:

The Board met five times during the financial year. The dates of the Board Meetingswere 30.05.2016 13.08.2016 14.11.2016 13.02.2017 and 25.03.2017. The intervening gapbetween two consecutive Meetings was within the period prescribed under the Companies Act2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Thedetails of Board Meetings along with Director's attendance are given below:

Name of Director Category Attendance of Directors
30.05.2016 13.08.2016 14.11.2016 13.02.2017 25.03.2017
Deo Kishan Kalwani Whole-Time Director Yes Yes Yes Yes Yes
Ananya Dey Non-Executive Independent Director Yes Yes Yes Yes Yes
JitendraTiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director Yes Yes Yes NA NA
Braj Kishor Shahi (Resigned w.e.f 08.12.2016) Non-Executive Independent Director Yes Yes Yes NA NA
Bibhakar Jha (Appointed w.e.f 28.11.2016) Non-Executive Independent Director NA NA NA No Yes
Rama Kant Mishra (Appointed w.e.f 14.02.2017) Non-Executive Independent Director NA NA NA NA Yes

Committees of the Board:

The Board has three (3) Committees details of which are given below:

1. Audit Committee : The Composition of the Committee and Director's attendance in theCommittee Meetings held during the financial year 2016-17 is given below:

Name of Director Category Attendance of Directors
30.05.2016 13.08.2016 14.11.2016 13.02.2017
Deo Kishan Kalwani Whole-Time Director; Member of the Committee Yes Yes Yes Yes
Ananya Dey Non-Executive Independent Director; Member of the Committee Yes Yes Yes Yes
Jitendra Tiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director; Chairman of the Committee Yes Yes Yes NA
Rama Kant Mishra (Appointed w.e.f 14.02.2017) Non-Executive Independent Director; Chairman of the Committee NA NA NA NA

2. Nomination and Remuneration Committee : The Composition of the Committee andDirector's attendance in the Committee Meetings held during the financial year 2016-17 isgiven below:

Name of Director Category Attendance of Directors
26.11.2016 15.03.2017
Ananya Dey Non-Executive Independent Director Member of the Committee Yes Yes
Jitendra Tiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director Chairman of the Committee Yes NA
Braj Kishor Shahi (Resigned w.e.f 08.12.2016) Non-Executive Independent Director Member of the Committee Yes NA
Bibhakar Jha (Appointed w.e.f 28.11.2016) Non-Executive Independent Director Member of the Committee NA Yes
Rama Kant Mishra (Appointed w.e.f 14.02.2017) Non-Executive Independent Director; Chairman of the Committee NA Yes

3. Stakeholders Relationship Committee: The Composition of the Committee and Director'sattendance in the Committee Meetings held during the financial year 2016-17 is givenbelow:

Name of Director Category
Deo Kishan Kalwani Whole-Time Director; Member of the Committee
Ananya Dey Non-Executive Independent Director; Member of the Committee
Jitendra Tiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director; Chairman of the Committee
BibhakarJha (Appointed w.e.f 28.11.2016) Non-Executive Independent Director; Chairman of the Committee

During the year the Committee had met on 13.04.2016 28.04.2016 12.05.201628.05.2016 14.06.2016 30.06.2016 13.07.2016 29.07.2016 05.09.2016 16.12.201623.12.2016 06.01.2017 20.01.2017 and 03.02.2017 wherein all directors were present.

Independent Director's Meeting:

During the year under review the Independent Directors met on 17th March2017 inter alia to: l Evaluate performance of Non-Independent Directors and the Board ofDirectors as a whole; l Evaluate performance of the Chairman of the Company taking intoaccount the views of the Executive and Non-Executive Directors; l Evaluation of thequality content and timeliness of flow of information between the Management and theBoard that is necessary for the Board to effectively and reasonably perform its duties.All Independent Directors were present at this Meeting.

Auditors and Auditors' Report:

The Statutory Auditors of the Company M/s. B.K. Sharma & Associates (FirmRegistration No. 323388E) Chartered Accountants Kolkata retire at the ensuing AnnualGeneral Meeting and have confirmed their eligibility and willingness to accept office ifappointed. The Audit Committee and the Board of Directors recommends the appointment ofM/s. B.K. Sharma & Associates Chartered accountants as the Auditors of the Companyfor a continuous period of 5(five) years subject to ratification by the shareholders atevery subsequent Annual General Meeting.

Further the Auditors have confirmed that they have undergone the peer review processof the Institute of Chartered Accountants of India (ICAI) and hold a valid certificateissued by the ‘Peer Review Board' of ICAI. The observations of the Auditors in theReport on Accounts read with the relevant notes are self-explanatory and do not call forany further comments.

Cost Audit:

The turnover of the Company in the immediately preceding financial year does not exceedthe prescribed limit as mentioned in Companies (Cost Records & Audit) Rules 2014 andhence cost audit is not applicable to the company.

Secretarial Audit:

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 Directorshad appointed M/s. B.K. Barik & Associates (Membership No. FCS 5696 & COP No.3897) Practicing Company Secretary for conducting secretarial audit of the company forthe financial year 2016-17.

The report of the Secretarial Auditors for the Financial Year 2016-17 in Form MR-3 isannexed herewith as "Annexure 2" to this report. The report is self-explanatoryand does not call for any further comments.

Extract of Annual Return:

Pursuant to the provisions of Section 92(3) and 134(3) (a) of the Companies Act 2013(‘the Act') and Rule 12(1) of the Companies (Management and Administration) Rules2014 extract of annual return is annexed and marked as "Annexure 3".

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

The Company has zero tolerance for sexual harassment at workplace and has adopted apolicy on prevention prohibition and redressal of sexual harassment at workplace in linewith the provisions of Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013 and the rules framed there under.

During the financial year 2016-17 no complaint of sexual harassment has been receivedby the Company.

Corporate Social Responsibility (CSR)

The provision of section 135(1) of Companies Act 2013 i.e. corporate socialresponsibility is not applicable on your company. Therefore your company has notconstituted CSR committee.

Human Resources and Industrial Relations:

During the year your company maintained harmonious and cordial Industrial Relations.

Your Directors acknowledge and appreciate the efforts and dedication of employees tothe company.

Significant and Material Orders passed by the Regulators:

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.

Policies:

The SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 mandatedthe formulation of certain policies for all listed companies. All applicable policies areavailable on http:// kkalpanaplastick.com/policy-as-per-companies-act-2013/. The policiesare reviewed periodically by the Board and updated based on need and new compliancerequirement.

Management Discussion and Analysis Report

As required by Regulation 34(2) (e) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 a detailed Management Discussion and Analysis Report forthe year under review is presented in a separate section forming part of the annualreport and marked as "Annexure 4".

Corporate Governance

Your Company is committed to maintaining the highest standards of Corporate Governance.Your Company has complied with the applicable Corporate Governance requirements of theListing Agreements with the Stock Exchanges.

It may be noted that Regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2)of Regulation 46 and para C D and E of Schedule V of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 are not applicable to your company pursuant toprovisions of Regulation 15 of the said Regulations as the Paid up Capital of the Companyis below Rupees Ten Crores and Net worth below Rupees Twenty Five Crores as on the lastday of the previous Financial Year as well as on date of the report.

As such the Company is not required to mandatorily append to this report the CorporateGovernance Report or the Declaration stating that the management personnel have affirmedcompliance with the code of conduct of board of directors and senior management or thecompliance certificate from either the auditor or practicing company secretaries regardingcompliance conditions of corporate governance.

Particulars of Conservation of Energy Technology Absorption and Foreign ExchangeEarnings and Outgo.

Particulars required to be furnished under Section 134(3) (m) of The Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014.

(a) Conservation of energy

(i) the steps taken or impact on conservation of energy -
(ii) the steps taken by the company for utilizing alternate sources of energy -
(iii) the capital investment on energy conservation equipments Nil

(b) Technology absorption

(i) the efforts made towards technology absorption -
(ii) the benefits derived like product improvement cost reduction product development or import substitution
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- -
(a) the details of technology imported -
(b) the year of import; -
(c) whether the technology been fully absorbed -
(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof -
(iv) the expenditure incurred on Research and Development Nil

(c) Foreign Exchange earnings and outgo

Earning Nil
Outgo Nil

Acknowledgement

Your Directors take this opportunity to thank the Financial Institutions BanksCentral and State Governments authorities Regulatory authorities Stock Exchanges and allthe various stakeholders for their continued co-operation and support to the Company.

Your Directors wish to convey their sincere appreciation to all of the Company'semployees and workers at all level for their enormous personal efforts as well as theircollective contribution to the Company's performance.

Registered Office: By Order of the Board of Directors
2B Pretoria Street
Kolkata – 700 071
Deo Kishan Kalwani (DIN: 03363450)
(Chairman)
Date : 29th May 2017

‘Annexure 1'

Disclosure in Board's report as per the provisions of section 197(12) of the CompaniesAct2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2016.

Sl.No. Requirements of Rule 5(1) Name & Designation of Key Managerial Personnel Details
1 The ratio of remuneration of each director to the median remuneration of the employees of the Company for the financial year. Mr. D.K. Kalwani Whole Time Director 5:4
2 The percentage increase in remuneration of each director CFO CEO CS or manager if any in the financial year. Mr. D.K. Kalwani Whole Time Director 6.42%
Miss Neha Jain CFO & CS 11.11%
3 The percentage increase in the median remuneration of employees in the financial year. The median remuneration of the employees in the financial year was increased by 11%
4 The number of permanent employees on the rolls of Company There were 03 Employees as on 31.03.2017.
5 The explanation on the relationship between average increase in remuneration and company performance. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 dated 30.06.2017.
6 Comparison of the remuneration of the KMP against the performance of the Company. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 dated 30.06.2017.
7 Variation in the market capitalization of the company price earnings ratio as at the closing date of the current financial year and previous financial year and percentage increase over decrease in the market quotations of the shares of the company in comparison to the rate at which the company came out with 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 the current financial year and previous financial year. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 dated 30.06.2017.
8 Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with percentile increase in the managerial remuneration and justification there of and point out if there are any exceptional circumstances for increases in the managerial remuneration. Average salary increase of non-managerial employees is 11%
Average salary increase of managerial employees is 11%.
There are no exceptional circumstances for increase in the managerial remuneration.
9 The key parameters for any variable component of remuneration availed by the directors. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 dated 30.06.2017.
10 Comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 dated 30.06.2017.
11 The 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. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 dated 30.06.2017.
12 Affirmation that the remuneration is as per the remuneration policy of the Company. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors KMP and other employees.

 

Registered Office: By Order of the Board of Directors
2B Pretoria Street
Kolkata – 700 071
Deo Kishan Kalwani (DIN: 03363450)
(Chairman)
Date : 29th May 2017