The Members Dear Shareholders
On behalf of the Board of Directors it is our pleasure to present the 41s1 AnnualReport together with the Audited Statement of Accounts of M/s Standard Shoe Sole and Mould(India) Limited ("the Company") for the year ended March 312017.
The summarized standalone results of your Company are given in the table below.
|Particulars || |
Financial Year ended Standalone
| ||31/03/2017 ||31/03/2016 |
|Total Income ||125 ||2680603 |
|Profit/(loss) before Interest. Depreciation & Tax (F.BITDA) ||(1637300) ||(1468995) |
|Finance Cost ||11 ||399 |
|Depreciation ||- ||- |
|Provision for Income Tax || || |
|(including for earlier years) ||" ||" |
|Net Profit/(Loss) After Tax ||(1637289) ||(1469394) |
|Profit/(Loss) brought forward from previous year ||- ||- |
|Amount transferred consequent to Scheme of Merger ||- ||- |
|Profit/(Loss) carried to Balance Sheet ||(1637289) ||(1469394) |
""previous year figures have been regrouped/rearranged wherever necessary.
Summary of Operations:
In the F. Y. 2015-16 Although Company could not earn profit but Company had incurredits fixed expenses which cannot be ignored and as a result Company's loss After Tax stoodat Rs. 1637289/- as compared to loss of Rs. 1469394 in the previous F.Y. 2015-2016 whichis about 10% more in F.Y. 2015-16.
During the year the Company had not allotted any Equity Shares on rights/preferential/ private placement basis.
The Company has also not allotted any Preference Shares/ Debentures.
As on 3D' March 2016 the issued subscribed and paid up share capital of your Companystood at Rs.51 8.1 5.000/-. comprising 5181500 Equity shares of Rs. 10/- each.
The Company proposes to carry Nil to reserves.
Your Directors have not recommended any dividend for FY 2016-17.
Closure of Share Transfer Books and Record Date:
The Register of Members and Share Transfer Books of the Company will be closed from16th September 2017 (Saturday) to 23ld September 2017 (Saturday) (both days inclusive)for the purpose of 4T' Annual General Meeting of the Company to be held on Saturday 23rdSeptember. 2017 and for determining dividend if any declared by the Company for theFinancial Year 2016- 17.
The Record date for payment of the said dividend if any as well as for E-Voting is16th September 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).
Business Review & State of Company Affairs:
The Company had filed a reference on 02nd August 1996 with the Board for Industrialand Financial Reconstruction (B1FR) in terms of Section 15 of Sick Industrial Companywithin the meaning of Section 3(1 )(0) of Sick Industrial Companies Special Provision Act1985. Subsequently AAIFR had ordered for winding up of the Company. The Company hadreferred the matter to the Hon'ble High Court at Calcutta and obtained a Stay orderagainst the Order of AAIFR.
Thereafter the company has not been much into operations though efforts are being madeto revive the operations of the Company. Due to some unavoidable circumstances Company hasnot generated any revenue as it could not start its main operation. Company isconsistently and continuously trying to survive and regain its previous glory under thistuff competitive scenario.
Further the following events occurred during the Financial year 2016-17 and betweenthe end of the financial year of the company to which the financial statements relate andthe date of the report is as under:-
a. Ms. Tanvi Pandav had resigned from the post of Company Secretary vide her emaildated 20.04.2017 which will be effective from 01.06.2017 subject to acceptance of theBoard in its Board meeting.
b. The Company executed fresh Listing Agreement with the exchange as required by theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements).Regulations 2015.
c. Mr. Kausik Kundu who appointed as an Additional Director on 12.07.2016 had beenappointed as Director of the Company after getting necessary approval in the 40lh AnnualGeneral Meeting held in the year 2016-17.
There has been no capital expenditure during the FY 2016-17.
Leather is one of the most w idely traded commodities globally. The growth in demandfor leather is driven by the fashion industry especially footwear. Apart from thisfurniture and interior design industries as well as the automotive industry also demandleather. The leather industry has a place of prominence in the Indian economy due tosubstantial export earnings and growth.
The Indian leather industry accounts for around 12.93 per cent of the world's leatherproduction of hides/skins. The country ranks second in terms of footw'ear and leathergarments production in the world and accounts for 9 per cent of the world's footw earproduction.
India's leather industry has grown drastically transforming from a mere raw materialsupplier to a value-added product exporter.
Total leather and leather good exports from India stood at USS 4.72 billionduring April 2016-January 2017.
During April 2016-January 2017 the major markets for Indian leather productswere US (15.69 per cent) Germany (11.82 per cent) UK (10.85 per cent) Italy (6.61 percent) Spain (5.27 per cent) France (5.02 per cent) Hong Kong (4.71 per cent) UAE (3.69per cent) China (3.16 per cent) Netherlands (3.01 per cent) Belgium (1.78 per cent) andAustralia (1.44 per cent).
At 48.82 per cent footwear (leather and non-leather) and footwear componentsaccounted for the lion's share of leather exports in April 2016-January 2017which hasbeen increased by 3.52 per cent as compared to FY 2015-16 followed by leather goods andaccessories with 23.37 per cent share (22.2% in FY 2015-16) finished leather with 15.60per cent share (20.06% in FY 2015-16) leather garments with 9.71 per cent share andsaddlery & harness with 2.50 per cent share.
Per capita footwear consumption in India is expected to increase up to fourpairs while domestic footwear consumption is expected to reach up to five billion pairsby 2020.
2"d largest export contributor the leather industry of Bangladesh is moving aheadday by day though slow but with an identical steady growth. In recent times the leatherproducts of Bangladesh is being well recognized throughout the world. The availability ofraw materials is the biggest strength the sector having. Recent policy changes of leatherindustry in China the world's largest manufacturer is creating new era of possibilitiesfor this industry of Bangladesh. Exports of leather and leather goods crossed $1 billionfor the third year in a row. In fiscal 2015-16 according to data from the ExportPromotion Bureau export of leather leather goods and footwear were USD 1.16 billion. In2014-15 Bangladesh exported leather
and leather goods worth $1.13 billion compared with $1.12 billion in the previousfiscal year. It shows that the sector is having a steady and remarkable growth.
The major production centers in India are Chennai. Ranipet. Ambur in Tamil Nadu. Mumbaiin Maharastra Kanpur in U.P. Jalandhar in Punjab. Agra Delhi Karnal LudhianaSonepat Faridabad Pune Kolkata Calicut and Ernakulam. About 1.10 million are engagedin the footwear manufacturing industry.
While Tamil Nadu accounts for 40 per cent of the country 's leather productionMaharashtra is at 15 per cent much of it in small and medium units. Kolkata. KanpurJalandhar Bengaluru Delhi and Hyderabad are the other important places involved inleather manufacturing and exports. These clusters account for around 90 per cent of thecountry's leather products.
As per notified DGCI&S data India's export of leather & leather products forthe period April- January 2016-17 touched US$ 4723.23 million as against the export of US$4955.33 million in the corresponding period i.e. April-January 2015-16 recording anegative growth of -4.68%
Footwear holds the major share in exports. The export of different categories ofFootwear (leather and non-leather) accounts for about 50%. This is follow'ed by LeatherGoods accounting for 24% Finished Leather 16% and Leather Garments 10%.
Country-w ise analysis of exportation from India as follows:
The major markets for Indian Leather & Leather Products are USA with a share of15.69% U.K. 10.85%. Germany 11.82% Italy 6.61% Hong Kong 4.71% Spain 5.27%. France5.02%. UAE 3.69% Netherlands 3.01% China 3.16% Vietnam 1.62% Belgium 1.78% Korea Rep.1.24% Australia 1.44%. Denmark 1.40% and Portugal 1.19%.
These 16 countries together accounts for nearly 80% of India's total leather&leather products export.
As per officially notified DGCI&S monthly export data the export of Leather andLeather products for the financial year April-March 2016-17 touched US$ 5665.91 million asagainst the performance of US$ 5855.06 million in the corresponding period of last yearrecording a negative growth of -3.23%. In Rupee terms the export touched Rs. 380024.07 mnin April-March 2016-17 as against the previous year's performance of Rs. 383321.67 mnregistering a negative growth of-
A statement showing export of leather and leather products from India duringApril-March 2016-17 vis-a-vis April-March 2015-16 is given below:
|CATEGORY ||APR-MAR ||APR-MAR ||% VARIATION |
| ||2015-16 ||2016-17 || |
|FINISHED ||68509.63 ||59619.47 ||-12.98% |
|LEATHER || || || |
|LEATHER ||140625.23 ||143259.05 ||1.87% |
|FOOTWEAR || || || |
|18615.10 ||20125.09 ||8.11% |
|36211.57 ||35988.87 ||-0.61% |
|LEATHER GOODS ||89694.53 ||88642.82 ||-1.17% |
|SADDLERY AND HARNESS ||9583.60 ||9596.66 ||0.14% |
|20082.01 ||22792.11 ||13.50% |
|TOTAL ||383321.67 ||380024.07 ||-0.86% |
The global economic environment in recent years has been challenging and marked byincreasing volatility and uncertainty. This year the industry has been slow in terms ofexport growth mainly due to recession in global economy. The outward shipments were alsoon the decline due to steep fall in shipment of petroleum products and engineering goodsamid tepid global demand.
Indian markets suffer on two fronts namely high tariff and weak euro currency. In theEuropean market we have to compete with Portugal. Romania and Slovakia on cost andlogistic factors. The European exporters have advantage over us while the Indian suppliershave to adjust the cost price according to prevailing currency. In export market there istough competition from Indonesia Bangladesh. Vietnam and Thailand on tariff.
In the domestic market the industry has had to face some repercussions due to somestringent legislative moves which have affected the raw material supply and toughcompetition from cheap imports while in the International market the industry has hadtough time matching the prices due to fall in currency values.
The decline that is registered is due to a combination of factors like the decreasingdemand in major producing countries global price reduction recession etc. In case ofFootwear components the decline may be attributed to fall in exports of shoe uppers toEurope on account of establishment of integrated production facilities in Eastern Europeand revival of production in Portugal & Spain.
The Company shall look for opportunities to revive its operation and check itsfeasibility under current scenario of the Company. For which it is constantly trying tostart its main operations and thus management expects and hopes that from FY 2017-18Company will be able to generate income from operation.
Extract of Annual Return:
Pursuant to section 92(3) of the Companies Act 2013 (the Act') and rule 12(1) ofthe Companies (Management and Administration) Rules 2014 extract of annual return isAnnexed as Annexure 1.
Management Discussion & Analysis Report:
In terms of Regulation 34 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the Management Discussion & Analysis Reportcomprising an overview of the financial results operations / performance and the futureprospects of the Company is appended to this Report.
Material changes and commitments affecting the financial position of the Company:
There have been no materia! changes and commitments affecting the financial position ofthe Company which have occurred between the end of the financial year of the Company towhich the financial statements relate and the date of the report.
Significant and material orders passed bv the regulators:
The relevant pending litigation with regulators or Courts has been disclosed asContingent Liabilities in note no. 16 i of the notes to the financial statements for theyear ended 31s1 March. 2017. There are no significant material orders passed by theRegulators/Courts which would impact the going concern status of the Company and itsfuture operations.
Particulars of loans guarantees or investments under Section 186:
The Company has not provided any loan to any person or body corporate or given anyguarantee or provided security in connection w ith such loan or made any investment in thesecurities of any body corporate pursuant to Section 186 of the Companies Act. 2013.
Related party transactions
There are no materially significant related party transactions entered into by theCompany with its Promoters. Directors. Key Managerial Personnel or other designatedpersons which may have a potential conflict with the interest of the Company at large.
There are no details of transactions entered into w'ith the Related Parties.
The Company does not have contracts or arrangements with its related parties underSection 188( I) of the Companies Act 2013 which are not on arms' length basis ormaterial in nature. Hence the details of such contracts or arrangements with its relatedparties are not disclosed in Form AOC-2 as prescribed under the Companies Act. 2013 andthe rules framed thereunder. Your Directors draw attention of the shareholders to Note No.19 of the financial statement which sets out related party disclosures.
Your Company has not invited accepted or renewed any fixed deposits from the public asat 3T1 March 2017 and accordingly there is no principal or interest outstanding inrespect thereof.
Internal financial controls
The internal financial controls with reference to the Financial Statements arecommensurate with the size and nature of business of the Company. Your Company hasestablished adequate internal financial control systems to ensure reliable financialreporting and compliance with laws and regulations. All resources are put to optimal useand adequately protected against any loss. All transactions are authorized recorded andreported correctly. Policies and guidelines of your Company are being adhered to andimprovements in process efficiencies and effectiveness are being carried out on an ongoingbasis. For more details please refer to the Management Discussion & Analysis Reportforming part of this Annual Report.
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 mandatoriiy append to this report the CorporateGovernance Report or the Declaration stating that the management personnel have affirmedcompliance w ith 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.
Details of conservation of energy technology absorption foreign exchange earnings andoutgo:
(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:
During the year the total foreign exchange used was Nil and the total foreign exchangeearned was Nil.
Awards and Recognition:
Your Company has not received any awards and accolades from the Government andnongovernmental organizations/associations.
Holding and Subsidiaries:
Your Company is not a Holding Company or Subsidiary to any other Company .
Statement containing salient features of financial statements of subsidiaries:
Pursuant to sub-section (3) of section 129 of the Act the statement containing thesalient feature of the financial statement of a company's subsidiary or subsidiariesassociate company or companies and joint venture or ventures is required to be given informat as specified.
Further brief about the business of the each of the Subsidiaries and Associates isalso required to be given.
However it is mentioned here that the Company does not have any Subsidiary Associateor Joint Venture and as such the details not provided.
Statutory Auditors their Report and Notes to Financial Statements:
In the last AGM held on 11.08.2016 M/s. Mukherjee Sanya! & Co. CharteredAccountants Kolkata (Registration No. 307039E) have been appointed as Statutory Auditorsof the Company for a period of 1 years i.e. till the conclusion of the 41st Annual GeneralMeeting of the Company to be held for FY 2017-18 subject to ratification by the membersat every subsequent Annual General Meeting.
M/s Mukherjee Sanyal & Co.. Chartered Accountants. Kolkata have confirmed to theCompany that their appointment if ratified by the members at the ensuing 41s1 AnnualGeneral Meeting would be within the limits prescribed under Section 141 of the CompaniesAct 2013 and that they are not disqualified from appointment within the meaning of thesaid Act.
Further the report of the Statutory Auditors alongwith notes to Schedules for the FY2016-17 is enclosed to this Report. The observations made in the Auditors' Report areself-explanatory and therefore do not call for any further comments.
As per the Cost Audit Orders. Cost Audit is not applicable to the Company's products/business of the Company for the FY 2016-17.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014. Mr. Amarendra KumarRai Practicing Company Secretary- of M/s Amarendra Rai & Associates PracticingCompany Secretaries has been appointed as Secretarial Auditors of the Company. The Reportof the Secretarial Auditors is annexed to this Report. The Report is self-explanatory anddo not call for any further comments.
Directors' Responsibility Statement:
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 andsub-section 5 of Section 134 of the Companies Act 2013 your Directors confirm that:
(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along w'ith 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 and 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 Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;
(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 systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
Risk Management Policy:
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.
The Company has in place a mechanism to inform the Board about the risk assessment andminimization procedures and periodical review to ensure that risk is controlled by meansof a properly defined framework. In the Board's view' there are no material risks whichmay threaten the existence of the Company .
Corporate Social Responsibility:
As per section 135 of the Companies Act 2013 every company having net worth of rupeesfive hundred crores or more or turnover of rupees one thousand crore or more or a netprofit of rupees five crores or more during any financial year shall constitute aCorporate Social Responsibility Committee of the Board consisting of three or moredirectors out of w hich atleast one director shall be an independent Director and shallalso spend atleast 2% of the average net profits of the company made during the threeimmediately preceding financial years in pursuance of its Corporate Social ResponsibilityPolicy.
Since the Company does not fulfill the requirements of the criteria the same is notapplicable to us. Company's policy on appointment and remuneration:
Policy on Directors' appointment and remuneration of key managerial personnel:
The policy on Directors' appointment and remuneration including the criteria fordetermining the qualifications positive attributes independence of a Director and othermatters provided under Section 178(3) of the Companies Act 2013 form part of theNomination & Remuneration Committee policy of the Company which is appended asAnnexure 3 to this Report. The same has been adopted in line with the SEB1 (ListingObligations and Disclosure Requirements) Regulations 2015 after the same were notified.
Performance Evaluation of the Board:
Pursuant to the provisions of the Companies Act 2013 and Regulation 19(4) of the SEBI(Listing Obligations and Disclosure Requirements) Regulation 2015 the Company hasdevised a policy containing criteria for evaluating the performance of the IndependentNon-Executive and Executive Directors Board and Committees. Feedback was sought by way ofa structured questionnaire covering various aspects of the Board's functioning such asadequacy of the
composition of the Board and its Committees Board culture execution and performanceof specific duties obligations and governance.
The Company has set up a formal mechanism to evaluate the performance of all Boardmembers. The Board works with the nomination and remuneration committee to lay down theevaluation criteria for the performance of all the Directors. For 2016-17 the evaluationwas done through peer- evaluation. The findings from the evaluation were shared with theWTD who in turn held discussions with individual Board members. Individual evaluation wasin line with the full Board evaluation with no Board member receiving negative feedbackon any aspect.
Directors & Key Managerial Personnel:
Mr. Kaushik Kundu. Director retires by rotation at the forthcoming Annual GeneralMeeting and being eligible offer himself for reappointment.
Ms. Tanvi Panday had resigned from the post of the Company Secretary' vide her emaildated 20.04.2017 which will be effective from 01.06.2017.
Mr. Kaushik Kundu has appointed as Director of the Company w.e.f. 11.08.2017 aftergetting necessary approval from members in 40lh Annual General Meeting.
Details of Board Meeting:
During the year. 5 number of Board meetings were held details of which are givenbelow:
|Date of the meeting ||No. of Directors attended the meeting |
|18.05.2016 ||3 |
|13.08.2016 ||4 |
|10.11.2016 ||4 |
|13.02.2017 ||4 |
|31.03.2017 ||4 |
Committees of Board:
The details of composition of the Committees of the Board of Directors are as under:-a. Audit Committee;
|Name ||Chairman/ Members |
|1 Mr. Kausik Mukherjee ||Chairman (Non Executive Independent Director) |
|2 Mr. Bhupinder Kumar Mehta ||Member (Non Executive Independent Director) |
|3 Mrs. Ananya Dey ||Member(Executive Director) |
During the year the Committee had met on 17.05.2016. 12.08.2016 09.11.2016 and30.03.2017.
Pursuant to the requirement of the Act the Company has established vigil mechanism forDirectors and employees to report their genuine concerns. The Whistle Blower Policy/VigilMechanism provides for adequate safeguards against victimization ofdirector(s)/employee(s) who avail of the mechanism and also provide for direct access tothe Chairman of the Audit Committee in exceptional cases as detailed in the Policy. Thedetails of the Whistle Blower Policy are available on the website of the Company. Noperson has been denied access to the Chairman of the Audit Committee.
b. Nomination & Remuneration Committee:
|Name ||Chairman/ Members |
|Mr. Bhupinder Kumar Mehta ||Chairman (Non-Executive Independent Director) |
|Mr. Bal Kishan Das ||Member (Non Executive Director) |
|Mr. Kausik Mukherjee ||Member (Non Executive Independent Director) |
During the year the Committee had met on 17.05.2016. 12.08.2016 29.09.2016 and30.03.2017.
c. Corporate Social Responsibility7 Committee: Not Applicable
d. Stakeholders Relationship Committee:
|Name ||Chairman/ Members |
|Mr. Bal Kishan Das ||Chairman (Non Executive Director) |
|Mr. Kausik Mukherjee ||Member (Non Executive Independent Director) |
|Mrs. Ananya Dey ||Member(Executive Director) |
During the year the Committee had met on 20.04.2016 12.08.2016 20.10.2016.19.01.2017 and 30.03.2017.'
e. Risk Management Committee
|Name ||Chairman/ Members |
|Mrs. Ananya Dey ||Executive Director |
|Mr. Bal Kishan Das ||Non Executive Director |
|Mr. Kausik Mukherjee ||Non Executive Independent Director |
During the year the Committee had met on 17.05.2016.
Declaration of Independence:
The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed under Section 149(7)of the Companies Act 2013 and Securities and Exchange Board of India (Listing Obligationsand Disclosure Requirements). Regulations 2015 (referred to as 'Listing Agreement').
Particulars of Employees:
The particulars of employees required to be furnished pursuant to Section 197(12) ofthe Companies Act 2013 read with sub-rules 2 and 3 of Rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is Annexed as Annexure2. However as per the provisions of Section 136 of the Companies Act 2013 read withsub-rules 2 and 3 of Rule 5 of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 the Annual Report excluding the statement of particulars ofemployees is being sent to all members of the Company.
Any member interested in obtaining a copy of the said statement may write to theCompliance Officer at the Registered Office of the Company.
Your Company treats its "human resources" as one of its most importantassets.
Your Company continuously invests and is working towards attraction retention anddevelopment of talent on an ongoing basis. A number of programs that provide focusedpeople attention are currently underway. Your Company thrust is on the promotion of talentinternally through job rotation and job enlargement.
Prevention of Sexual Harassment at Workplace:
The Company has in place a Policy for Prevention of Sexual Harassment at Workplace inline with the requirements of the Sexual Harassment of Women at Workplace (Prevention.Prohibition and Redressal) Act 2013. Internal Complaints Committee has been set up toredress complaints received regarding sexual harassment. All employees (permanentcontractual temporary trainees) are covered under this Policy.
The following is a summary of sexual harassment complaints received and disposed offduring the financial year ended 31s' March. 2017:
(a) Number of complaints of sexual harassment received during the year - NIL
(b) Number of complaints disposed off during the year - N.A.
(c) Number of cases pending for more than 90 days - Nil
Your Directors place on record their appreciation for employees at all levels who havecontributed to the growth and performance of your Company.
Your Directors also thank the clients vendors bankers shareholders and advisers ofthe Company for their continued support.
Your Directors also thank the Central and State Governments and other statutoryauthorities for their continued support.
Your Board acknowledges the continued support and co-operation received from allregulatory authorities of the Central and State Governments.
For & on behalf of the Board of Director
|Mrs. Ananya Dey ||Mr. Kaushik Kundu |
|Director ||Director |
|DIN: 01297763 ||DIN:07565634 |
|Marik Para 17 ||P-166/1 C.I.T. Scheme- |
|Nowapara ||VIIM |
|North 24 Paraganas ||KoIkata-700054 |
|Barrackpore-743144 || |
Place: Kolkata Date: 30/05/2017