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Bansisons Tea Industries Ltd.

BSE: 519353 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE856E01019
BSE 00:00 | 21 Nov 8.20 0
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8.20

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8.20

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NSE 05:30 | 01 Jan Bansisons Tea Industries Ltd
OPEN 8.20
PREVIOUS CLOSE 8.20
VOLUME 100
52-Week high 8.60
52-Week low 8.20
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.20
Sell Qty 100.00
OPEN 8.20
CLOSE 8.20
VOLUME 100
52-Week high 8.60
52-Week low 8.20
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 8.20
Sell Qty 100.00

Bansisons Tea Industries Ltd. (BANSISONSTEA) - Director Report

Company director report

TO THE MEMBERS OF BANSISONS TEA INSDUSTRIES LIMITED

To

The Members

Your Directors have pleasure in presenting the 31st Annual Report of the Companytogether with the Audited Financial Statements for the year ended 31st March' 2018.

The financial results of the Company are summarized as under:

(Amount in Rs.)

Particulars March 31st 2018 March 31st 2017
Income:
Revenue from Operations 17271040 14992860
Other Income 0 0
Total Revenue (A) 17271040 14992860
Expenditure:
Cost of Materials Consumed 3625383 2590630
Purchase of Trade 5117499 3859799
Employee Benefits Expenses 6603885 5502155
Depreciation and Amortization Expenses 317244 387689
Operating & Other Expenses 1934463 2166753
Total Expenses (B) 17598475 14507062
Profit Before Tax (A-B) (327435) 485384
Tax Expenses:
(1) Current Tax 0 251154
Profit for the year (327435) 234680
Appropriated as under:
Dividend proposed - -
Tax on Proposed Dividend - -
General Reserve - -
Balance carried to Balance sheet (327435) 234680

PROGRESS & FUTURE OUTLOOK

During the Financial Year 2017-18 the company has accelerated its activities. TheDirectors are confident of improving the company’s business during the Financial Year2018-2019 under the improved economic scenario of the Country and expects the same tocontribute favorably to the bottom line.

DIVIDEND

Considering the operational needs of the company your Directors have decided tostrengthen the intrinsic financial position of the Company. Hence no Dividend has beenrecommended for the year under review.

NUMBER OF MEETINGS OF THE BOARD

There were 6(Six) Board Meetings held during the FY 2017-18. The dates on which themeetings were held i.e. 10/05/201724/05/201712/08/201724/08/201714/11/201713/02/2018

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the Provisions of the Section 152(6)(d) of the Companies Ad 2013 Sri

Samarlal Agawala retires by rotation and being eligible offers himself forre-appointment.

During the year:

1 .Mr Sandeep AgarwaI was appointed as Whole Time Director on 30/09/2017.

2. Mr. Lalit Kumar Behani resigned from his diredorship post on 30/09/2017.

3. Mr Bhosher Dey was appointed as Independent Director on 30/09/2017.

4. Mr. Jayanta Kundu was appointed as Chief Finance Officer on 30/09/2017

DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors wish to inform members that the Audited Accounts containing FinancialStatements for the year ended 31st March 2018 refled true & fair view the form andsubstance of transadions carried out during the year and reasonably present the Company'sfinancial condition and results of operation.

Your Directors further confirm that:

In the preparation of the Annual Accounts:

1. the applicable accounting standards have been followed along with proper explanationrelating to material departures.

2. the directors had seleded such accounting policies and applied them consistently andmade judgements and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit or loss of the company for the year.

3. the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Ad for safeguarding the assetsof the company and for preventing and detecting fraud and other irregularities.

4. the directors have prepared the annual accounts on a going concern basis.

5. the diredors has laid down internal financial controls to be followed by the companyand that such internal financial controls are adequate and were operating effectively.

6. the directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate & operating effectively.

SUBSIDIARY COMPANY

The Company has no subsidiaries within the meaning of Section 2(87) of the CompaniesAct 2013.

EXTRACT OF ANNUAL RETURN

The details of the extract of the Annual Return in form MGT 9 is annexed herewith andforms part of this report. (Annexure I).

AUDITORS:

M/s. Manoj Kumar Goyal Chartered Accountants were re-appointed as the StatutoryAuditors at 27th Annual General Meeting for the term of 5 years. As per the provisions ofSection 139 of the Companies Act 2013 the appointment of Auditors is required to beratified by Members at every Annual General Meeting.

AUDITORS' REPORT

The observations made in the Auditors' Report are self-explanatory and do not call forany further explanation.

ENERGY TECHNOLOGY & FOREIGN EXCHANGE

Information pursuant to Section 134(3){m) read with Rule 8 of the Companies Act 2013are not applicable to the Company and there has been no foreign exchange earnings orexpenditure incurred during the year.

SECRETARIAL AUDIT REPORT

As per the provision of section 204 of Companies Act 2013 Miss Ankita Agarwal (ACS -

40836) a Practicing Company Secretary is appointed as a Secretarial Auditor of theCompany. The Secretarial Audit Report for Financial Year 201 7-2018 is annexed herewithand forms part of this report. (Annexure II)

Qualification: Shareholding Pattern of Company is not as per the financial dotereceived by me. There is discrepancy in relation to partly paid up shares as stated in thebalance sheet which is not disclosed in shareholding pattern.

Response: It was an advertent act from company's part and shall rectify it as soon aspossible.

DEPOSITS

During the year under report the Company has not accepted any deposits from the publicwithin the meaning of Section 73 of the Companies Act 2013 and rule framed.

LOANS GUARANTEES AND INVESTMENT UNDER SECTION 186 OF THE COMPANIES ACT 2013

During the year Company has not given any Loan or guarantee and has not made anyinvestments

RELATED PARTY TRANSACT IONS DURING THE YEAR

During the year company has no Related Party Transaction

AUDIT COMMITTEE

The company has Audit Committee as set in Section 177(8) of the Companies Ad 2013 andthe composition of Audit Committee include Sri Mamy Ghosh Sri Sandeep Agarwal Sri LalitKumar Bihani and Mr. Bhasker Dey.

NOMINATION A REMUNERATION COMMITTEE

The Company has constituted Nomination & Remuneration committee as set in Section178 of the Companies Act 2013. The composition of Nomination & Remuneration Committeeinclude Gopal Mitruka Sri S.L.Agarwalla Sri Paritosh Ghiraiya.

RISK MANAGEMENT POLICY

The Board has adopted and implemented Risk management Policy.

INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY

The Company has implemented proper and adequate system of internal controlscommensurate with the size and nature of its operations. The Board has adopted andimplemented an Internal Control Policy.

VIGIL MECHANISM

The Company has adopted a Vigil Mechanism which provides a formal mechanism for allemployees of the Company to make protected disclosures to the Management about unethicalbehavior actual or suspected fraud or violation of the company's Code of Conduct.Disclosures reported are addressed in the manner and within the time frames prescribed inthe Policy. No employee of the company has been denied access to the Audit Committee

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company has in place an Anti-harassment policy in line with the requirements ofSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act2013.There were no complaints received during the financial year 2017-2018.

LISTING

The Company is listed on the following stock exchanges

The Stock Exchange Mumbai The Calcutta Stock Exchange Limited
Phiroze Jee jeebhoy Towers 7 Lyons Range
Dalai Street Mumbai -400001 Kolkata - 700 107

Depositories for Equity Shares: NSDL

The Company has paid the Annual Listing Fees for the financial year 2017-18 to thestock exchange.

CORPORATE GOVERNANCE

In pursuant to Regulation 15 (2) of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 the compliance with the corporate governance provisionsas specified in regulations 17 18 19 20 2122 23 24 25 26 27 and clauses (b) to(i) of sub-regulation (2) of regulation 46 and para C D and E of Schedule V shall notapply in respect of - (o) the listed entity having paid up equity shore capital notexceeding rupees ten crore and net worth not exceeding rupees twenty five crore as on thelast day of the previous financial year. Therefore a report on the Corporate Governancepractices the Auditors' Certificate on compliance of mandatory requirements thereof arenotgiven as an annexure to this report

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation for the co-operation receivedby the company from Bankers employees and officers of the company.

REGISTERED OFFICE: Forand on behalf of the Board of Directors
"Mitruka House"
42-M.G.Road Samarlal Agarwala Sandeep Agarwal
Siliguri Director Director
Dated: 13/08/2018