TO THE SHARE HOLDERS
Your Directors have pleasure in presenting their report together with the auditedBalance sheet as at 31st March 2020 and Statement of Profit & Loss for theyear ended on that date.
|S. No. Particulars ||2019-2020 ||2018-2019 |
|1. Profit before Taxation and Provision for Standard Assets ||6430054.00 ||4173882.27 |
|2. Less : Provision for Standard Asset ||- ||- |
|3 Profit Before Taxation ||6430054.00 ||4173882.27 |
|4 Less : Provision for Income Tax ||1850000.00 ||1085210.00 |
|5 Add: Deferred Tax Assets ||- ||11000.00 |
|6 Profit/Loss After tax ||4580054.00 ||3077672.27 |
|7 Less : Statutory Reserve ||916011.00 ||615534.45 |
|8 Profit after transfer to Statutory Reserve ||3664043.00 ||2462137.82 |
|9 Balance Brought forward from Balance Sheet ||14625057.54 ||12162919.72 |
|10 Balance carried forward to Balance Sheet ||18289101.00 ||14625057.54 |
The paid-up share capital of the company is Rs.186695750 as on 31st March2020. During the year i.e. 1st April 2019 to 31st March 2020 therewere no changes during the said period.
In view of inadequate profit Company has not declared any dividend.
Transfer to Reserve
During the Financial Year ended 31st March 2020 the Company has transferreda sum of T. 916011.00 towards reserve under Section 45-IC of the RBI Act 1934.
Change in the nature of the business
During the year under review there was no change in the nature of the business of theCompany Company's Performance
Revenue from Operation for financial Year 2019-2020 at 1 24381713 Profit before Taxfor Financial Year 2019-2020 1. 6430054 and profit after tax is 1. 4580054.00
We have not accepted any Fixed Deposits and as Such no amount of Principle or Interestwas outstanding as of Balance sheet date. Management Discussion and Analysis Report
In terms of provisions of Regulation 34 of Securities and Exchange Board of India(Listing Obligation and Disclosure Requirements Regulation 2015 the Management discussionand Analysis is set out in this Annual Report.
Listing with Stock Exchanges
The Company confirms that it has paid the Annual Listing Fees for the year 2019-2020 toBSE (Scrip Code 538708) where the Company's share is listed. The Company has paidListing Fess to CSE (Scrip Code-015111)
Dematerialization of shares
85.94% of the Company's paid up Equity share Capital is in dematerialized form as on31/03/2020 and the balance are in physical form.
The Company's registrar is M/s Niche Technologies Private Limited having theirregistered office at 3A Auckland Place 7th Floor Room No. 7A & 7BKolkata-700017.
Number of Board Meetings Held
The Board of Directors duly met Six times during the financial year from 1stApril 2019 to 31st March 2020. The maximum Interval between any two meetingsdid not exceed 120 days as prescribed in the Companies Act 2013.
Pursuant to Sections 196 197 and 203 read with schedule V and other applicableprovisions of the Companies Act 2013 and the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 Mrs. Jyoti Sureshbhai Kantariya was appointed as theNon-Executive Independent Director of the company w.e.f. 23rd September 2019.Mr. Sanjay Kotak has resigned from the directorship of the Company w.e.f. 15thApril 2019.
Directors and KMP
There is no retirement by rotation of any Directors and KMP during the year.
Significant and Material Orders
There are no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and Company's operations in future.
The Board carried out an annual performance evaluation of its own performance theindividual Directors as well as the working of the Committees of the Board. Theperformance evaluation of Independent Directors was carried out by the entire Board. Theperformance of the Non-Independent Directors was carried out by Independent Directors.Details of the same are given in the report on the Corporate Governance annexed to thisreport.
Internal Financial Control and its adequacy
The Board has adopted policies and procedures for ensuring the orderly and efficientconduct of its business including adherence to the Companies policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialdisclosures.
Subsidiaries and Associates
There company has no Subsidiary as on 31.03.2020. There are no associate or jointventure companies within the meaning of Section 2 (6) of the companies Act 2013.
Declaration by Independent Directors
The Company has received necessary declaration from each independent director underSection 149(7) of the Companies Act 2013 that he/she meets the criteria of Independencelaid down in Section 149 (60 of the Companies Act 2013 and Regulation 25 of SEBI (Listingobligation and Disclosure requirements) Regulations 2015.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Companies Act 2013 Director of your company herebystate and confirm that: -
a) In the preparation of the annual accounts for the year ended 31stMarch 2020 the applicable accounting standards have been followed along with properexplanation relating to material departures;
b) They have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of financial year and of the Lossof the Company for the same period;
c) The directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
d) They have prepared the annual accounts on a going concern basis;
e) They have laid down internal financial controls in the company that are adequateare were operating effectively;
f) They have devised proper systems to ensure compliance with the provisions of allapplicable laws and these are adequate and are operating effectively.
Remuneration to the Directors/KMP
|Sr No. Names ||Designation ||Remuneration in 2019-2020 ||Remuneration in 2018 - 2019 |
|1 Mr. Kasambhai Umarbhai Shekh ||Managing Director ||NIL ||NIL |
|2 Mr. Siddharth Sharma ||Company Secretary ||840 000 ||NIL |
Managerial Remuneration and Particular of Employees
The Information required pursuant to Section 197 read with Rule 5 of the Companies(Appointment and Remuneration of Managerial Remuneration) Rules 2014 in respect of theemployees of the Company are given in annexure -1 forming part of this report.
Extracts of Annual Return
The details forming part of the Extract of the Annual Return in form MGT-9 is appendedas Annexure - 2.
Statutory Auditors: -
At the Annual General Meeting held on September 23 2019 the Auditors M/s. HarshadSudhir and Co. Chartered Accountants Ahmedabad were appointed as Auditor of the Companyto hold office till the conclusion of the Fortieth (40th) Annual GeneralMeeting of the Company
M/s. H S K & Co. Chartered Accountants Ahmedabad. ( Firm Registration No.117014W) be and is hereby appointed as a Statutory Auditors of the Company in place ofM/s. Harshad Sudhir and Co. Chartered Accountants to hold office from the conclusion ofthis Annual General Meeting till the conclusion of 42nd Annual General Meeting of theCompany subject to the ratification as to the said appointment at every Annual GeneralMeeting at a remuneration as may be determined by the Board of Directors of the Companyapart from reimbursement of out of pocket expenses as may be incurred by them- for thepurpose of the Audit in consultation with the said Auditor."
Secretarial Auditor: -
Mr. Anup Pandey (CP. No.-16091-Proprietor) practicing Company Secretary was appointedto conduct the Secretarial Audit of the Company for the Year 2019-2020 forms part ofAnnual report.
Auditors' Certificate on Corporate Governance: -
As required by SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015the auditors' certificate on corporate governance is enclosed as Annexure to the BoardReport.
Auditors' observation is suitably explained in notes to the Accounts and areself-explanatory.
Pursuant to Regulation 34 of the listing Regulation read with Schedule V to the saidregulations a compliance report on Corporate Governance has been annexed as part ofAnnual report along with Auditor's Certificate.
Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo
Information required under Section 134(3) (m) of the Companies Act 2013 read with rule8 of the Companies (Accounts) Rules 2014 is not applicable to the Company.
Corporate Social Responsibility
In terms of Section 135 and Schedule VII of the Companies Act 2013 the CSR is notapplicable for the Company.
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act 2013 avigil Mechanism for Directors and Employee to report genuine concerns has beenestablished.
Related Party Transactions
Relate Party Transactions that were not entered during the financial year. Thereforethe requirement of Form AOC-2 is not required.
Particulars of Loans Guarantees or Investments
Loans Investments are done as per Companies Act 2013 though company is NBFC its mainactivity is providing Loans repayable on demand and Investing in Shares Securities.Therefore disclosed in Notes to Accounts.
The Securities and Exchange Board of India on September 2 2015 issued SEBI (ListingObligations and Disclosure Requirements Regulations 2015 with the aim to consolidate andstreamline the provisions of the Listing Agreement for different segments of CapitalMarket to ensure better enforceability the said regulation was effective from December01 2015. Accordingly all listed entities were required to enter into the ListingAgreement with in Six Months from the effective Date. The Company entered into listingagreement with the Calcutta Stock Exchange and Bombay Stock Exchange on February 2017.
Registrar and Share Transfer Agent
M/s Niche Technologies Private Limited is Company's Registrars and Share Transfer Agent(RTA) as common agency both for physical and demat shares as required under theSecurities Contract (Regulation) Act 1956. The contact details of RTA forms part of theCorporate Governance Report.
Disclosure under Sexual Harassment of Women at Work Place (Prevention Prohibition andRedressal) Act 2013
Your company is committed to creating and maintaining a secure work environment whereits employee customers Vendors etc can work and pursue business together in anatmosphere free of Harassment exploitation and intimidation. To empower women and protectwoman against Sexual harassment a policy for prevention of Sexual harassment has beenrolled out. The policy allows employees to report sexual harassment at the work place.
Your Company started a sustainability initiative with the aim of going green andminimizing our impact on the environment. We are publishing only the statutory disclosurein the print version of Annual Report. Additional information is available on our websitewww.eocono.in.
Electronic copies of the Annual Report 2019-20 along with Notice of the 37thAnnual General Meeting are sent to the members whose email addresses are registered withthe Company/RTA/Depository Participant(s). For members who have not registered their emailaddresses physical copies of Annual Report 2019-20 and Notice of 37th AnnualGeneral Meeting are sent in the permitted mode. Members required physical copies can senda request to the Company.
Directors deeply acknowledge the trust and confidence you have placed in the company.Director would also like to thank all its Banker Customer Vendors and Shareholders fortheir continued support to the Company. In specific the Board would also record itssincere appreciation of the Commitment and Contribution made by all employees of theCompany.
|Place: Kolkata ||BY ORDER OF THE BOARD |
|Date: 30.07.2020 ||Kasambhai Umarbhai Shekh |
| ||Managing Director |
| ||(DIN No.- 07498438) |