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Kkalpana Plastick Ltd.

BSE: 523652 Sector: Consumer
NSE: N.A. ISIN Code: INE465K01016
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NSE 05:30 | 01 Jan Kkalpana Plastick Ltd
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P/E 37.58
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OPEN 7.14
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VOLUME 50
52-Week high 7.14
52-Week low 1.62
P/E 37.58
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
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 31st Annual Report together with the AuditedStatement of Accounts of Kkalpana Plastick Limited ('the Company') for the year ended 31stMarch 2020.

Financial Performance:

Particulars 2019-20 2018-19
Sales & other Income 44.66 47.11
Profit/ (Loss) before Depreciation Interest & Tax 3.02 10.94
Less : Depreciation 0.17 0.09
Interest 0.00 0.00
Profit/ (Loss) before Tax 2.86 10.85
Less : Provision for Tax
Current Tax 2.35 3.89
Deferred Tax (0.01) 0.00
Tax Expense for earlier years 0.00 0.00
Profit/ (Loss) After Tax 0.52 6.96
Add: Profit brought forward from previous year 93.88 86.92
Balance Carried to B/S 94.40 93.88

Dividend:

Due to insufficient profit and paucity of funds of the Company your Directors do notrecommend any dividend for the financial year 2019-20.

Operations and State of Company's Affairs:

During the year under review the turnover (comprises mainly other income) of theCompany was Rs. 44.66 Lacs as compared to Rs. 47.11 Lacs in the previous year. The profitafter tax is Rs. 0.52 lacs as against profit of Rs. 6.96 lacs in the previous year.

Transfer to General Reserve:

The Company proposes not to transfer any funds to the General Reserve for the financialyear 2019-20. Future Outlook:

The overall scenario is very bleak mainly due to COVID-19. Further because of expectedcash crunch in the market (although banks have surplus funds) the purchasing power willerode significantly.

Change in nature of Business if any:

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

Transfer of Amounts to Investor Education and Protection Fund

Your Company has not declared any dividend and hence the Company do not have any fundslying unpaid or unclaimed for a period of seven years. Therefore there were no funds whichwere required to be transferred to Investor Education 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 given loans and made investments exceeding sixty per cent of itspaid-up share capital free reserves and securities premium account or one hundred percent of its free reserves and securities premium account but within the limits asapproved by the members of Company vide special resolution in its Annual General Meeting(hereinafter referred to as "AGM") held on 22.09.2017 pursuant to Section 186of 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.

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 website of Company at www.kkalpanaplastick.com.

All transactions with the related parties during the year under review were in ordinarycourse of business and at arm's length. Thus disclosure required under section 134(3) (h)of the Companies Act 2013 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 2019-20.

Risk Management:

In terms of the requirement of the Companies Act 2013 the Company has developed andimplemented the Risk Management Policy and the Audit Committee of the Board reviews thesame 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 the website of Company at http://kkalpanaplastick.com/policy-as-per-companies-act-2013/

Particulars of Employees:

None of the employees employed during the year was in receipt of remuneration inaggregate of Rupees One Crore and Two Lakhs or more per annum for the financial year2019-20 or Rupees Eight Lakh Fifty

Thousand or more per month for any part of the Financial Year as set out in theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 Thereforeno details have been provided as required under section 197(12) of the Companies Act 2013read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) 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 2020 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 2020 none of the Directorsheld any shares in the company.

Key Managerial Personnel & Directors:

Appointments and Re-appointments:

During the year under review Mr Deo Kishan Kalwani was re-appointed as Whole TimeDirector with effect from 30th March 2020 subject to the approval ofShareholders at the ensuing Annual General Meeting. Accordingly the Board recommends theresolution in relation to appointment of Mr. Deo Kishan Kalwani as a Whole Time Directorfor a term of one and a half (1.5) years for the approval by the shareholders of theCompany. Members are requested to refer to Item No. 3 of the Notice of the Annual GeneralMeeting (AGM) and the related Explanatory Statement for details.

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

Demise of a Director

Your Directors are saddened to report that Shri Ramakant Mishra Independent Directoron the Board of your Company breathed his last on February 27 2020. The loss caused byhis sad demise is irreparable and it is prayed that the almighty would extend the strengthto his family members to bear the same.

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

None of the Directors are disqualified or debarred by SEBI or any other authority fromcontinuing office as director

Declarations 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 of independence as specified in the Act and the Rules made there under andare independent of the management.

Your Company has also received necessary declaration from all the directors asenumerated in section 164(2) and 184(1) of the Companies Act 2013.

Board Membership Criteria and list of Core Skills/Expertise identified in the contextof the business:

The Board is responsible for shaping the future of the organisation within itsfiduciary characteristics. Therefore identifying the key competencies of the Boardmembers is very much essential to ensure that the qualified persons undertake thiscardinal role. Globally identifying the key competencies of Board members is consideredas the step towards a successful Board. Broadly the parameters for identifying keycompetencies or skill- set can be categorised as follows:

Industry knowledge/ experience

Having experience in and knowledge of the industry in which the organisation operatesis one of the key competencies of a Board member. This is required for achieving theobjectives of the organisation while operating effectively responsibly legally andsustainably. The Board members are required to demonstrate an understanding of-

• the relevant laws rules regulation policies applicable to the organisation/industry/ sector and level/ status of compliances thereof by the organisation

• the best corporate governance practices relevant governance codes governancestructure processes and practices followed by the organisation

• business ethics ethical policies codes and practices of the organisation

• the structures and systems which enable the organisation to effectivelyidentify asses and manage risks and crisis

• international practice

Technical skills/ experience

To assist with the ongoing aspects of Board's role the members are required to possesstechnical/ professional skills and specialist knowledge. The directors need to be able toobtain analyse interpret and use information effectively to develop plans and takeappropriate decisions. In order to assess possession of such skills the person will berequired to have knowledge about-

• how to interpret financial statements and accounts in order to assess thefinancial health of an organisation

• the sources of finance available to an organisation and their related merits andrisks

• how to assess the financial value of an organisation and potential businessopportunities

• importance of information technology in the organisation

• marketing or other specific skills required for the effective performance of theorganisation Behavioural competencies/ personal attributes

Displaying high standards of conduct ability to take responsibility for their ownperformance etc. are some of the behavioural competencies which the directors are requiredto possess. Interpersonal skills such as good communication skills relationship buildingcapacity etc. will come under this category. In brief the following will be sub- setsunder this head-

• Integrity and ethical standards

• Mentoring abilities

• Interpersonal relations

• Managing people and achieving change

• Curiosity and courage

• Genuine interest

• Instinct

• Active contribution

Strategic expertise

To create and implement effective strategies a thorough knowledge of the strategicprocess is required. The ability to think strategically enables directors to proposeideas options and plans that take advantage of available opportunities while reflecting abroad and future-oriented perspective. Having an understanding of the need for a clearvision and purpose to guide the strategy models and methods of strategic analysis optionanalysis the factors involved in successful strategy implementation by the directors isrequired for giving a strategic direction to the organisation. The sub- sets under thishead may be as below:

• Strategic thinking

• Vision and value creation

• Strategy Development

• Strategy implementation and change

Mind- set or attitude

An ethical mind- set demonstrates a high standards of conduct. Further professionalattitude and independent mind- set enables director to provide the challenge and rigourrequired to help the Board achieve a comprehensive understanding of information andoptions as well as high standards of decisionmaking. The head may be segregated into thefollowing:

• Ethical

• Professional

• Performance oriented

• Independent

• Aware of self and others

The following are the details of respective core skills of Board Members:-

Name of Director Core Skill
Mr. Samir Kumar Dutta (DIN: 07824452) Industry Knowledge/ Experience Strategic Expertise
Mr Deo Kishan Kalwani (DIN: 03363450) Industry Knowledge/ Experience Technical skills/ Experience
Mrs Ananya Dey (DIN: 01297763) Mind-set or attitude Behavioural competencies/ personal attributes

Familiarization Programme for Independent Directors:

The Company had organized a familiarization programme for the Independent Directors asper the requirement of the Schedule IV to the Companies Act 2013 and Regulation 25(7) ofSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. All independentdirectors inducted into the Board attended the orientation programme. The Company hasfamiliarized the Independent Director with the company their roles rightsresponsibilities in the company nature of the Industry in which the company operates andbusiness model of the company through various programmes. Further at the time of theappointment of an Independent Director the company issues a formal letter of appointmentoutlining his/ her role function duties and responsibilities. The format of the letterof appointment is available on the website of the Company athttp://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 2020 the Board had 3 members 1 of which wasexecutive and 2 were independent directors. It may be noted that one independent directorLate Ramakant Mishra expired on 27.02.2020.

The Company's Policy for selection and appointment of Directors and their remunerationis based on its Nomination and Remuneration policy which inter alia deals with themanner of selection of the Directors and such other matters as provided under section178(3) of the Act and 19(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 the website of the Company at http://kkalpanaplastick.com/policy-as-per-companies-act-2013/

We affirm that the remuneration paid to the directors is as per the terms laid out inthe Nomination and Remuneration Policy of the Company.

Board Evaluation:

The Company has devised a policy for performance evaluation which includes criteriafor performance evaluation. It reviews the performance evaluation criteria annually inaccordance with Regulation 4(2)(f) (ii)(9) of SEBI (listing Obligations and DisclosureRequirements) Regulations 2015 as amended from time to time. The Nomination andRemuneration Committee accordingly carries out an annual evaluation of Board'sperformance and the performance of its committees as well as individual directors (bothexecutive and non-executive/independent directors) in accordance with section 178(2) ofthe Companies Act 2013. This involves receiving inputs from all committee members. TheBoard thereafter reviews and takes on record the performance evaluation done by theNomination and Remuneration Committee. The Board evaluates the performance of IndependentDirectors in accordance with Schedule IV to the Companies Act 2013.

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 performance evaluation form was prepared after taking into considerationinputs received from the Directors and on the basis of the evaluation criteria laid downby Nomination and Remuneration Committee covering various aspects of the Board'sfunctioning including adequacy of the composition of the Board and its Committees Boardculture execution and performance 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.The Directors evaluation was broadly based on parameters such as meeting the expectationof stakeholders 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. The IndependentDirectors also assessed the quality quantity and timeliness of flow of informationbetween the Company's management and the Board. The directors expressed overallsatisfaction on the evaluation process. Based on the feedback of the Board EvaluationProcess appropriate measures were taken to further improve the process and other aspects.

Observation of the Board in regard its own performance

The Directors were generally satisfied with the performance of the Board. They reachedthis conclusion after critical analysis of various operational segments.

Directors' Responsibility Statement:

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of theCompanies Act 2013 your Directors confirm 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 four times during the financial year. The dates of the Board Meetingswere 27.05.2019 13.08.2019 8.11.2019 and 12.02.2020. The intervening gap between twoconsecutive Meetings was within the period prescribed under the Companies Act 2013 andthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The detailsof Board Meetings along with Director's attendance are given below:

Name of Director Category

Attendance of Directors

27.05.2019 13.08.2019 8.11.2019 12.02.2020
Deo Kishan Kalwani Whole-Time Director Yes Yes Yes Yes
Ananya Dey Non-Executive Independent Director Yes Yes Yes Yes
Rama Kant Mishra Non-Executive Independent Director Yes Yes Yes Yes
Samir Kumar Dutta Non-Executive Independent Director Yes Yes Yes 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 2019-20 is given below:

Name of Director Category

Attendance of Directors

27.05.2019 13.08.2019 8.11.2019 12.02.2020
Rama Kant Mishra Non-Executive Independent Director; Chairman of the Committee Yes Yes Yes Yes
Ananya Dey Non-Executive Independent Director; Member of the Committee Yes Yes Yes Yes
Deo Kishan Kalwani Whole-Time Director; Member of the Committee Yes Yes Yes Yes

2. Nomination and Remuneration Committee: The Composition of the Committee andDirector's attendance in the Committee Meetings held during the financial year 2019-20 isgiven below:

Name of Director Category

Attendance of Directors

27.05.2019 5.08.2019 12.02.2020
Rama Kant Mishra Non-Executive Independent Director; Chairman of the Committee Yes Yes Yes
Ananya Dey Non-Executive Independent Director Member of the Committee Yes Yes Yes
Samir Kumar Dutta Non-Executive Independent Director Member of the Committee Yes Yes Yes

3. Stakeholders Relationship Committee: The Composition of the Committee and Director'sattendance in the Committee Meetings held during the financial year 2019-20 is givenbelow:

Name of Director Category

Attendance of Directors

27.05.2019 13.08.2019 8.11.2019 12.02.2020
Samir Kumar Dutta Non-Executive Independent Director Chairman of the Committee Yes Yes Yes Yes
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

Independent Directors' Meeting:

During the year under review the Independent Directors met on 12thFebruary 2020 inter alia to:

• Evaluate performance of Non-Independent Directors and the Board of Directors asa whole;

• Evaluate performance of the Chairman of the Company taking into account theviews of the Executive and Non-Executive Directors;

• Evaluation of the quality content and timeliness of flow of information betweenthe Management and the Board that is necessary for the Board to effectively and reasonablyperform 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 CharteredAccountants Kolkata (Firm Registration No. 323388E) were appointed as Statutory Auditorof Company at the Annual General Meeting of the Company held on 22ndSeptember 2017 for a period of five (5) consecutive years subject to ratification bymembers of the Company at every subsequent Annual General Meeting. However as per therecent amendment of Section 139 of the Companies Act 2013 which have been made effectivefrom 07th May 2018 ratification of the appointment of the auditor is nolonger required. Hence the same is not proposed at the ensuing Annual General Meeting.Pursuant to sections 139 & 141 of the Companies Act 2013 read with Rule 5 of theCompanies (Audit & Auditors) Rules 2014 the Statutory Auditors have furnished acertificate of their eligibility and consent to continue as Statutory Auditors of yourCompany for the F.Y. 2020-21.

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 Auditors' Report on the accounts for theyear ended 31st March 2020 does not contain any qualification adverse remarkor observation.

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 Directorshas appointed M/s. B.K. Barik & Associates (Membership No. FCS 5696 & COP No.3897) Practicing Company Secretaries for conducting secretarial audit of the company forthe financial year 2019-20.

The report of the Secretarial Auditors for the Financial Year 2019-20 in Form MR-3 isannexed herewith as "Annexure 2" to this report. The report is self-explanatoryand does not call for any further comments.

Annual Secretarial Compliance Audit:

The requirement of Annual Secretarial Compliance Audit under Regulation 24A of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 read with SEBICircular No.: CIR/CFD/CMD1/27/2019 dated 08.02.2019 was not applicable to the Companyduring the year under review.

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) Rules 2014extract 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.

The Company has less than 10 women employees and as such no details are required to befurnished in accordance with the Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013.

Your Company is also not required to constitute the Internal Complaints Committee asper the above referred Act.

During the financial year 2019-20 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.

Green Initiatives in Corporate Governance

Ministry of Corporate Affairs has permitted companies to send electronic copies ofAnnual Report notices etc. to the registered E-mail addresses of shareholders. YourCompany has accordingly arranged to send the electronic copies of these documents toshareholders whose email addresses are registered with the Company/ DepositoryParticipant(s) wherever applicable. In accordance with the MCA and SEBI circulars issuedin view of the COVID-19 pandemic the Company can send only electronic copies of notice ofAGM and Annual Report on registered email addresses of the Shareholders available with theCompany/RTA or the depositories. Hence physical circulation of notice of AGM and AnnualReport is dispensed with; electronic circulation through e-mail shall suffice. Furtherthe Company has also availed the e-mail updation facility through SMS offered by NSDL andCDSL so as to reach the maximum number of members possible. In accordance with the MCACirculars and SEBI Circulars in regard to norms to be followed in view of COVID-19 yourCompany has also adopted the facility of e-voting at the AGM in addition to the remotee-voting facility that is provided in accordance with provision of section 108 of theCompanies Act 2013 read with Rule 20 of the Companies (Management and Administration)Regulations 2015 as amended and Secretarial Standards on General Meetings (SS-2) issuedby the Institute of Company Secretaries of India.

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 ofthe 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 the website of the Company athttp://kkalpanaplastick.com/policy-as-per-companies-act-2013/. The policies are reviewedperiodically by the Board and updated based on need and new compliance requirement.

Management Discussion and analysis Report

In accordance with 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 Regulations 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.

Compliance with applicable Secretarial Standards

Your company has complied with the applicable provisions of Secretarial Standard - 1and Secretarial Standard - 2 issued by the Institute of Company Secretaries of India

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

(1) 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 -
(Ill) 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.

For and on Behalf of the Board

Registered Office:
2B Pretoria Street
Kolkata-700071
Date: 26th June 2020 Deo Kishan Kalwani Samir Kumar Dutta
(DIN:03363450) (Din: 07824452)
Whole Time Director Director

.