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Mathew Easow Research Securities Ltd.

BSE: 511688 Sector: Financials
NSE: N.A. ISIN Code: INE963B01019
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P/E 51.76
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OPEN 8.80
CLOSE 8.80
VOLUME 1
52-Week high 8.82
52-Week low 5.07
P/E 51.76
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mathew Easow Research Securities Ltd. (MATHEWEASOWRES) - Director Report

Company director report

Your Directors take pleasure in presenting the Twenty Sixth Annual Report of theCompany together with the Audited Financial Statements for the financial year ended 31stMarch 2020.

1. FINANCIAL HIGHLIGHTS

The financial results of the Company are summarized below:

Particulars For the Financial Year ended 31.03.2020 For the Financial Year ended 31.03.2019
Total Income 494.53 349.47
Less: Total Expenses 479.71 316.26
Profit before tax 14.82 33.21
Less: Tax Expenses
Current Tax (1.38) 20.83
Deferred Tax 2.63 (5.59)
Profit after tax 13.57 17.97

2. OPERATIONS & THE STATE OF COMPANY'S AFFAIRS

During the year under review the total revenue from operation of the Company is Rs494.53 Lakhs as compared to T 349.47 Lakhs during the previous year while the profit aftertax is T 13.57 Lakhs as compared to \ 17.97 Lakhs during the previous year. There is adown slide in the profits of the company during the year under review as compared to theprevious year's profits mainly due to cleaning of advances by writing it off. However thecompany will continue to focus on its present business activities.

The outbreak of COVID-19 pandemic across the globe and in India has contributed to asignificant decline and volatility in the global financial markets and slowdown in theeconomic activities. The novel corona virus (COVID-19) pandemic continues to spreadrapidly across the globe including India. COVID -19 has taken its toll on not just humanlife but business and financial markets too. Various governments have introduced varietyof measures to contain the spread of the virus. The Indian Government had announcedcountrywide lockdown. The management has assessed the potential impact of the COVID-19 onthe Company. Based on the current assessment the Management is of the view that impact ofCOVID-19 on the operations of the Company will depend on future developments which arehighly uncertain. The Company will continue to closely monitor any material changes to thefuture economic condition which will be given effect to in the respective future period.

3. DIVIDEND

In order to plough back the profits for future requirements of the company no dividendis being declared for the financial year under review.

4. CHANGE IN SHARE CAPITAL

During the year under review the Company has not issued any securities includingequity shares with differential rights/ sweat equity shares/ employees stock optionsscheme/ bonus shares. Thus there is neither any change in the Authorized share Capitalnor any change in issued subscribed and paid-up share capital of the Company.

5. TRANSFER TO RESERVES

The Company proposed to transfer Rs 2.71 Lakhs to Special Reserve created under Section45-IC of the RBI Act 1934. Except the said amount of Rs 12.71 Lakhs the Company hasdecided not to transfer any amount to the Reserves for the year under review.

6. MATERIAL CHANGES AND COMMITMENTS

There were no material changes and commitments affecting the Financial position of thecompany which have occurred between the end of Financial Year of the Company to which theFinancial Statements relate and the date of this report.

7. INTERNAL CONTROL SYSTEM & THEIR ADEQUACY

The Company has an internal control system commensurate with the size scale &complexities of its operations. Internal Control measures and systems are established toensure the correctness of the transactions and safe guarding of the assets. The Managementensures adherence to all internal control policies and procedures as well as compliancewith regulatory guidelines. The audit committee of the Board of Directors reviews theadequacy of internal controls. This has improved the management of the affairs of theCompany and strengthened transparency and accountability. During the year under review noreportable material weakness in the design or operation were observed.

8. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary Joint venture or Associate Company.

9. DEPOSITS

The Company has neither invited nor accepted any deposits from the public within themeaning of Section 73 of the Companies Act 2013 during the financial year under review.

10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO.

The provision of Section 134(3) (m) of the Companies Act 2013 and the rules madethere under relating to conservation of energy technology absorption do not apply to theCompany as its activities are not relevant for the same.

There was no foreign exchange earnings and outgo during the financial year underreview.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the financial year ended 31st March 2020 Your Company's Board comprised of 4Directors - 2 Non-Executive Independent Directors 1 Executive Director and 1Non-Executive Woman Director.

Name of the Director Category
Mr. Beda Nand Choudhary Whole-time Director (Promoter)
Ms. Pritha Sinha Pandey Non Executive (Woman Director)
Mr. Ram Kumar Dalmia* Non Executive Independent Director
Mr. Atul Kaushik Non Executive Independent Director
Mr. Nirmal Non Executive Independent Director
Ms. Sarika Kedia Company Secretary

* Mr. Ram Kumar Dalmia ceased to be a Director of the Company with effect from 20thFebruary 2020 due to unfortunate death.

Mr. Nirmal was appointed as the Additional Director of the Company in IndependentCategory with effect from 14th March 2020 and who shall hold office upto the ensuingAnnual General Meeting of the Company. The Company has received notice in writing underthe provision of Section 160 of Companies Act 2013 from a member proposing thecandidature of Mr. Nirmal (DIN: 08719398) for the office of Independent Director. Beingeligible the Board recommends his appointment as an Independent director of the Companysubject to the approval of the members of the Company in the ensuing Annual generalMeeting.

In accordance with the provisions of Section 152 of the Companies Act 2013 andArticles of Association of the Company Mrs. Pritha Sinha Pandey (DIN- 07016238) Directorof the Company retires by rotation at the ensuing Annual General Meeting and beingeligible offers herself for re-appointment as a Director under Companies Act 2013.

Mr. Beda Nand Choudhary has been appointed as the Whole-time Director of the Companybeing designated as the Executive director with effect from 15th June 2019.

Mr. Debi Prosad Mukherjee was appointed as the Chief Financial Officer of the Companywith effect from 15th June 2019. However he resigned from the post of Chief FinancialOfficer with effect from 1st November 2019. The management of the Company is in processof filling vacancy of the post of Key Managerial Personnel (KMP) i.e. the Chief FinancialOfficer.

12. PARTICULARS OF EMPLOYEES & KMP

During the financial year under review the following were the Key Managerial Personnelof the Company as per the provisions of the Companies Act 2013:

i) Sarika Kedia - Company Secretary and Compliance officer

Mr. Beda Nand Choudhary has been appointed as the Whole-time Director of the Companyand Mr. Debi Prosad Mukherjee has been appointed as the Chief Financial Officer (CFO) ofthe Company with effect from 15th June 2019. However Mr. Debi Prosad Mukherjee resignedfrom the post of Chief Financial Officer of the Company with effect from 1st November2019.

Disclosures pertaining to remuneration and other details as required under Section197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are given below:

(i) The ratio of the remuneration of each director/KMP to the median employee'sremuneration for the financial year as prescribed is as given below:

Name of KMP Remuneration of KMP for FY 2019-20 ft Previous Year Remuneration ft % increase Ratio of remuneration of each director/ to median remuneration of employees
1 Sarika Kedia (Company Secretary) 480000/- 330016/- N.A. 0.00
2 Beda Nand Choudhary (Whole Time Director) 475000/- N.A. 0.00
3 Debi Prosad Mukherjee (Chief Financial Officer)* 124870/- N.A. 0.00

* Mr. Debi Prosad Mukherjee resigned with effect from 1st November 2019.

Note: other than above none of the directors received any remuneration during thefinancial year ended 31st March 2020.

(ii) Percentage increase in the median remuneration director CEO and CFO during thefinancial year: NA. Percentage increase in the median remuneration Company Secretary is:N.A.

(iii) Percentage increase in median remuneration of employees in the financial year:Not applicable.

(iv) The number of permanent employees on the rolls of the company as on 31st March2020: 2

(v) Average percentage increase made in the salaries of employees other than KMP in thefinancial year -10%.

It is hereby affirmed that the remuneration paid is as per the Remuneration Policy forDirectors KMP and other employees.

There were no persons employed by the Company during the Financial Year 2019-20 whodraws remuneration as prescribed under Rule 5(2) of Companies (Appointment andRemuneration) Rules 2014 hence details with respect to the same is not required to begiven.

13. PREVENTION OF INSIDER TRADING

The Company adopted a Code of Conduct as per the Guidelines issued by the Securitiesand Exchange Board of India as amended from time to time for prevention of Insider Tradingwhich is applicable to the members of the Board and all employees in the course ofday-to-day business operations of the Company. The code of conduct framed by the Companyhas helped in ensuring compliance with the requirements.

14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

During the year the Company has not entered into any contract/arrangement/transactionwith related parties which could be considered material significant in accordance with thepolicy of the Company on materiality of related party transactions.

15. EXTRACT OF ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and Administration) Rules 2014 an extract of annualreturn in Form MGT-9 as a part of this Report as ANNEXURE-I.

16. MEETINGS OF THE BOARD

During the financial year ended 31st March 2020 8 (Eight) Board meetings were heldrespectively on 10th April 2019 28th May 2019 15th June 2019 13th August 2019 13thSeptember 2019 12th December 2019 12th February 2020 and 14th March 2020.

The attendances of Directors at these meetings are as follows:

Name of Directors No. of Board Meetings Attended
Mr. Beda Nand Choudhary 8 of 8
Mr. Ram Kumar Dalmia 6 of 8
Mr. Atul Kaushik 8 of 8
Ms. Pritha Sinha Pandey 8 of 8
Mr. Nirmal 1 of 8

The

intervening gap between any two meetings was within the period 120 days as prescribedunder the Companies Act 2013.

MEETINGS OF THE INDEPENDENT DIRECTORS

During the financial year ended 31st March 2020 two meetings of the IndependentDirectors were held on 15th June 2019 and 12th December 2019 inter alia to discuss:

• Evaluation of the performance of the Non Executive Directors and Board ofDirectors as a whole;

• Evaluation of the performance of the chairman of the meetings of the companytaking into account the views of the executive and non-executive directorsnon-independent directors and board of directors as a whole;

• Evaluation of the quality content and timelines of flow of information betweenthe Management and the Board that is necessary for the Board to effectively and reasonablyperform its duties.

All the Independent Directors were present at the meeting.

17. COMMITTEES OF THE BOARD

The Company has constituted different Committees under the Board that are mandatedunder the Companies Act 2013 and of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.

(a) AUDIT COMMITTEE

The Company has in place an Audit Committee in terms of the requirements of Section 177of the Companies Act 2013 read with rules made thereunder and Regulation 18 of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015.

The Audit Committee comprises of three Non-Executive Directors out of which two areindependent. During the year the Audit Committee met 5 times to deliberate on variousmatters on 28th May2019 13th August 2019 13th September 2019 12th December 2019 and12th February 2020.

The Composition of the Audit Committee and the attendance of each member at thesemeetings are as follows:

Name of Directors Position Held No. of Meetings Attended
Mr. Ram Kumar Dalmia* Chairman 4
Mr. Nirmal Chairman -
Mr. Beda Nand Choudhary Member 5
Mr. Atul Kaushik Member 5

Mr. Ram Kumar Dalmia ceased to be a member of the Audit Committee with effect from 20thFebruary 2020 due to his death.

The Audit Committee was reconstituted on 14th March 2020 as Mr. Nirmal was appointedas the new member and Chairman of the Audit Committee with effect from 14th March 2020 inplace of Mr. Ram Kumar Dalmia.

Statutory Auditors and Internal Auditors or their representatives are permanentinvitees for the meetings of the Committee. The Company Secretary is the Secretary to theCommittee.

The Chairman of the Audit Committee attended the Annual General Meeting of the Companyheld on 30th September 2019 and he ensured that necessary clarifications and explanationswere provided to the Members of the Company on issues regarding accounts and finance.

The Quarterly Un-audited Financial Results as well as the Annual Financial Statementsare reviewed and examined by the members of the Audit Committee before recommendation ofthe same to the Board of Directors of the Company for their perusal and approval. TheAudit Committee ensures an effective internal control system.

(b) NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee comprises of three Non-Executive Directorsout of which two are independent. The Chairman of the Committee Mr. Nirmal is theNon-Executive Independent Director. During the year under review two meetings ofNomination and Remuneration Committee were held respectively on 15th June 2019 and 14thMarch 2020.

The Chairman of the Nomination and Remuneration Committee attended the Annual GeneralMeeting of the Company held on 30th September 2019.

The Composition and attendance of Nomination and Remuneration Committee is given below:

Name of Directors Position Held No. of Meetings Attended
Mr. Ram Kumar Dalmia* Chairman 1
Mr. Nirmal Chairman -
Mr. Beda Nand Choudhary Member 2
Mr. Atul Kaushik Member 2

*Mr. Ram Kumar Dalmia ceases to be a member of the Nomination and RemunerationCommittee with effect from 20th February 2020 due to his death.

The Nomination and Remuneration Committee was reconstituted on 14th March 2020 and Mr.Nirmal was appointed as the new member and Chairman of the Nomination and RemunerationCommittee with effect from 14th March 2020.

The Nomination and Remuneration Committee of the Board is constituted to (a) formulatefrom time to time process for selection and appointment of new Directors key managerialpersonnel and other employees and their succession plans and (b) recommend to the Boardfrom time to time a compensation structure for Directors and other key managerialpersonnel.

(c) INVESTORS' GRIEVANCE & STAKEHOLDER'S RELATIONSHIP COMMITTEE

The Company constituted the Committee to oversee the investor grievances in relation totransfer of shares non-receipt of annual report dividend and other grievances. It is thepolicy of the Company to promptly attend to and resolve the complaints received from theshareholders. The Committee also oversees the performance of the Registrar and ShareTransfer Agents of the Company and recommends measures for overall improvement in thequality of investor services.

The composition of the Investors' Grievance & Stakeholder's Relationship Committeeis as follows:

Name of Directors Positions held No. of Meetings held No. of Meetings attended
Mr. Ram Kumar Dalmia* Chairman 4 3
Mr. Beda Nand Choudhary Member 4 4
Mr. Atul Kaushik Member 4 4
Mr. Nirmal Chairman 4 -

*Mr. Ram Kumar Dalmia ceased to be a member of the Committee with effect from 20thFebruary 2020 due to his death.

During the financial year ended 31st March 2020 four meetings of the Committee wereheld on 28th May 2019 13th August 2019 12th December 2019 and 12th February 2020.

The Investors' Grievance & Stakeholder's Relationship Committee was reconstitutedon 14th March 2020 and Mr. Nirmal was appointed as the new member and Chairman of theCommittee.

No sitting fee has been paid to the Executive and Non-Executives Directors during theperiod under review for attending the meetings of the Board and its Committees.

18. DECLARATION OF INDEPENDENT DIRECTORS

All the Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.

19. PERFORMANCE EVALUATION OF THE BOARD/COMMITTEES AND INDEPENDENT DIRECTORS

The Board of Directors has carried out an annual evaluation of its own performanceboard committees and Independent Directors pursuant to the applicable provisions of theAct.

The aspects covered in the evaluation included the contribution made by the Directorsto the corporate governance practices long term strategic planning fulfillment ofDirector's obligations and fiduciary responsibilities and active participation at theBoard and Committee meetings. The effectiveness of Board / Committee processes wereassessed based on the Directors' inputs received during the meetings of the Board ofDirectors.

The Board and the Nomination and Remuneration Committee reviewed the performance of theindividual directors on the basis of the criteria such as the contribution of theindividual director to the board and committee meetings.

In a separate meeting of Independent Directors performance of non-independentdirectors and performance of the board as a whole was evaluated taking into account theviews of all the directors.

20. VIGIL MECHANISM

The Company has a vigil mechanism/whistle blower policy to deal with instances of fraudand mismanagement in terms of Section 177(9) of the Companies Act 2013.

21. CORPORATE GOVERNANCE

Pursuant to Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 report on Corporate Governance is not applicable to the Company for thefinancial year 2019-20 since the Net Worth is below T 25.00 Crores and the Paid up equityshare Capital of the Company is less than Rs 10.00 Crores.

22. DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submits its responsibility Statement:-

(a) that in the preparation of the Annual Accounts for the year ended 31st March 2020the applicable accounting standards had been followed along with proper explanationrelating to material departures;

(b) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company as at 31st March 2020and of the profit for the year ended as on that date;

(c) that 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) that the Directors have prepared the Annual Accounts for the financial year ended31st March 2020 on a going concern basis;

(e) that the Directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively; and

(f) that the Directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

23. AUDITORS AND AUDITORS' REPORT

Statutory Auditors

Pursuant to the provisions of section 139 of the Companies Act 2013 M/s. Gupta &Manglik (Firm Registration No. 311118E) Chartered Accountants were appointed asstatutory auditors of the Company at the 25th Annual General Meeting (AGM) of the Companyto hold office from the conclusion of the 25th Annual General Meeting for a tenure ofconsecutive 5 years till the conclusion of the 30th Annual General Meeting.

The Report given by the Auditors on the financial statement of the Company is part ofthis Report and are self explanatory. There has been no qualification reservationadverse remark or disclaimer given by the Auditors in their Report.

The Statutory Auditors have not reported any incident of fraud of the Company duringthe financial year 2019-20.

Secretarial Auditor Report:

The Board has appointed Mr. Jagannath Kar (Membership No. 20600) Practicing CompanySecretary to carry out the Secretarial Audit pursuant to the provisions of Section 204 ofthe Companies Act 2013 for the Financial Year 2019-20. The Secretarial Audit Report forthe Financial Year ended March 31 2020 is annexed herewith and marked as Annexure II tothis report.

Secretarial Auditor's observations if any in his report have been suitably explainedby way of appropriate notes to accounts and/or in the Board's Report wherever it wasconsidered necessary.

24. STATUTORY DISCLOSURES

None of the Directors of the Company are disqualified as per the provisions of Section164 of the Companies Act 2013. The Directors have made the necessary disclosures asrequired by the various provisions of the Act and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.

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

In order to prevent sexual harassment of women at workplace your company has adopted aPolicy for prevention of sexual harassment of women at workplace and no such complaintshave been reported during the financial year under review.

26. CORPORATE SOCIAL RESPONSIBILITY

Considering the turnover/ net worth/ net profit the provision of Section 135 of theCompanies Act 2013 relating to Corporate Social Responsibility is not applicable to thecompany.

27. RISK MANAGEMENT POLICY

The Company is exposed to several risks. They can be categorized as operational riskand strategic risks. The Management has put in place adequate and effective system and manpower for the purpose of Risk Management.

The company has taken several mitigating actions applied many strategies andintroduced control and reporting systems to reduce and mitigate the risks. A detailedexercise is being carried out to identify evaluate manage and monitoring of bothbusiness and non- business risks.

28. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review as stipulated underRegulation 34(3) read with Schedule V of Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 is presented in a separatesection forming part of the Annual Report.

29. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with Secretarial Standards issued by Institute of CompanySecretaries of India (ICSI) as and when it was applicable.

30. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant or material orders were passed by the Regulators or Courts or Tribunalswhich impact the going concern status and Company's operations in future.

31. LOANS GUARANTEES AND INVESTMENTS

As the Company is a Non-Banking Finance Company being engaged in the business offinancing and investment activities provisions of Section 186 of the Companies Act 2013is not applicable to the Company.

However the particulars of loans and investments made under Section 186 of theCompanies Act 2013 during the financial year are provided in the Notes to the FinancialStatements.

32. LISTING

The Equity Shares of the company are listed on BSE Limited (BSE). The Company isregularly paying listing fees to the BSE. Since last several years the Calcutta StockExchange Limited (CSE) is a nonoperational Exchange and do not provide any tradingplatform to the investors of the Company. The Board of Directors at its meeting held on13th August 2018 has approved voluntary delisting of the shares from CSE which is adefunct stock exchange.

33. GENERAL BODY MEETING:

Location & Time of Last 3 Annual General Meetings:

AGM Date Venue Time No. of Special Resolutions
25th 30th September 2019 432 Prince Anwar Shah Road Kolkata - 700068 9.30 A.M. One
24th 28th September 2018 432 Prince Anwar Shah Road Kolkata - 700 068 9.30 A.M. Two
23rd 21st September 2017 432 Prince Anwar Shah Road Kolkata - 700 068 9.30 A.M. None

At the above-mentioned meetings all the Resolutions were passed with requisitemajority. No Resolution was passed during the financial year ended 31st March 2019through Postal Ballot.

34. GENERAL SHAREHOLDER INFORMATION

(i) Ensuing Annual General Meeting Details:

Day & Date Wednesday 30th September 2020
Venue The Annual General Meeting shall be held through Video Conferencing ('VC')/Other Audio-Visual Means ('OAVM') facility and the deemed venue for the 26th AGM shall be the Registered Office of the Company
Time 11:30 a.m.
Book Closure Date 24th September 2020 to 30th September 2020 (both days inclusive)

(ii) The financial year of the Company covers 1st April 2019 to 31st March 2020.

(iii) Listing of Shares on Stock Exchanges with Stock Code

STOCK EXCHANGE STOCK CODE
Bombay Stock Exchange Ltd.
Phiroze Jeejeebhoy Towers 511688
Dalal Street Mumbai - 400 001
Telephone nos. : 022-2272 1233/34
Facsimile no. : 022-2272 1919
website : www.bseindia.com
023052
The Calcutta Stock Exchange Ltd.
7 Lyons Range Kolkata - 700001
Telephone nos. : 033-2210 4470/77
Facsimile no. : 033-2210 4500
website : www.cse-india.com

(a) ISIN No. for the Company's ordinary shares in demat form: INE963B01019

(b) Depository Connectivity: NSDL and CDSL.

(iv) DISTRIBUTION OF SHARE HOLDING AS ON 31st MARCH 2020:

(a) ACCORDING TO CATEGORY OF HOLDING:

Category of Shareholders No. of shares held % of holding
Promoters
Bodies Corporate 2080343 31.28
Non - Promoters
Institutional Investors Nil Nil
Mutual Funds & UTI Nil Nil
Banks FIs Insurance Companies FIIs' 672 0.01
Others Nil Nil
Private Corporate Bodies
Indian Public 2206604 33.18
NRIs/OCB 2348395 35.32
13986 0.21
Total 6650000 100

(b) ACCORDING TO NUMBER OF ORDINARY SHARES HELD:

Shareholding Number of Share holders % to total Shareholders Number of shares % to total Shares
1 - 500 2912 92.74 339469 5.11
501 - 1000 107 3.40 88009 1.32
1001 - 2000 41 1.31 66175 1.00
2001 - 3000 10 0.32 23768 0.36
3001 - 4000 10 0.32 36236 0.54
4001 - 5000 7 0.22 31369 0.47
5001 - 10000 12 0.38 97941 1.47
10001 - 50000 15 0.48 333294 5.01
50001 - 100000 11 0.35 875855 13.17
100001 and above 15 0.48 4757884 71.55
Total 3140 100.00 6650000 100.00

35. ACKNOWLEDGEMENT

Your Board wishes to place on record its sincere appreciation for the wholeheartedsupport received from members government authorities bankers employees consultants andall other business associates. We look forward to continued support of all these partnersin progress.

For & on behalf of the Board
Place: Kolkata Beda Nand Choudhary Pritha Sinha Pandey
Date: 24th August 2020 (DIN - 00080175) (DIN -07016238)
Registered Office: Whole-time Director Director
Raj Kamal Building 1st Floor
128 Rash Behari Avenue
Kolkata - 700029

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