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Nicco Parks & Resorts Ltd.

BSE: 526721 Sector: Services
NSE: N.A. ISIN Code: INE653C01022
BSE 00:00 | 18 Sep 23.20 -0.80






NSE 05:30 | 01 Jan Nicco Parks & Resorts Ltd
OPEN 23.40
52-Week high 50.75
52-Week low 20.00
P/E 12.96
Mkt Cap.(Rs cr) 109
Buy Price 23.00
Buy Qty 209.00
Sell Price 24.20
Sell Qty 175.00
OPEN 23.40
CLOSE 24.00
52-Week high 50.75
52-Week low 20.00
P/E 12.96
Mkt Cap.(Rs cr) 109
Buy Price 23.00
Buy Qty 209.00
Sell Price 24.20
Sell Qty 175.00

Nicco Parks & Resorts Ltd. (NICCOPARKS) - Director Report

Company director report

For the Financial Year Ended 31st March 2018

Dear Members

Your Board of Directors are pleased to present the Company's Annual Report togetherwith the Audited Financial Statements of your Company for the financial year ended 31stMarch 2018.

Standalone Financial Results

(Rs. in Lakhs)

PARTICULARS Year ended 31.03.2018 Year ended 31.03.2017
Profit Before Interest Depreciation & exceptional Items 1133 1071
Less : Interest 40 58
Profit before Depreciation & exceptional Items 1093 1013
Less : Depreciation 206 178
Profit before Exceptional Items & Tax 887 835
Less : Provision For Tax 255 278
Profit After Tax 632 557
Add : Profit Brought Forward from Previous Year 2224 1866
Less: Other Comprehensive Income (OCI) 4 10
Net Surplus (Before Appropriations) 2852 2413

Note: a. Figures for the Financial Year have been restated as per IND-AS and thereforemay not be comparable with Financials for 2016-17 approved by the Board of Directors anddisclosed in the Financial Statement of previous year.

State of Company Affairs as on March 31 2018

During the year under review the Total Income was Rs. 4880 lakhs as against Rs. 4693lakhs in the corresponding previous year registering a growth of approximately 4%.Cumulative income from Main Park and Water Park taken together was Rs. 3288 lakhs Incomefrom Projects was Rs. 177 lakhs. Income from Food & Beverage and Recreation Facilitieswas Rs. 1293 Lakhs and Merchandising income stood at Rs. 11 Lakhs. Income from Branding&Sponsorship &Miscellaneous Income was Rs. 502 lakhs. Net Revenue from Operationsas on March 31 2018 was Rs. 4699 lakhs.

The overall annual footfall of the Park including Bowler's Den Nicco Super Bowl andOther Recreation Facilities was 12.16 lakhs compared to 12.14 lakhs in 2016-17.Thefootfall at the water park decreased marginally from 3.18 lakh to 3.13 Lakhs visitors.Cumulative Per Capita Contribution in Main Park and Water Park was Rs. 274 during thefinancial year 2017-2018.

Inspite of intense competition from Eco Park Science City & Alipore ZoologicalGarden(Zoo) during the peak months from December 2017 to February 2018 the ProfitBefore Tax stood at Rs. 887 lakhs a marginal increase of around 6% compared to previousfinancial year attributed to the aggressive marketing healthy increase in the sale ofFood & Beverage and change in pricing policy.

Consequent to the roll out the Goods and Services Tax (GST) with effect from July 12017 your company also adopted the single tax regime and accordingly attuned its systems& processes to be GST compliant.

The benefits on rationalization of Indirect Tax rates hitherto applicable to theamusement park industry vis--vis unified rates in GST environment was passed to ourvisitors in form of reduction of ticket price on entry & rides.

Your company successfully implemented a new ticketing software and also changed theoperation of the main food court from franchise model to Nicco Park managed. Your companyhas also introduced RFID bands in the water park on test basis for operating digitallockers for safe keeping of the belongings as well as for food outlet in the water parkarea. The same RFID bands come with the option of loading cash into it so that visitorscan freely move around and enjoy amenities like food while being cashless inside our park.

In order to increase the entertainment value to our visitors your company addednovelties in form of new rides and attractions. The new ‘Happy Circus MirrorMaze'(Mirror Maze)was inaugurated by the children visitors in presence Sheroo & hisfriends on December 15 2017 in a gala event at ‘Nicco Parks'. The Mirror Maze isintegrated with great illusion through multiple reflections and intricate design thatbaffles and misleads one to create a fascinating and unforgettable experience. The MirrorMaze attained popularity among all age group of our visitors.

Your company also added two new rides in the water park namely the ‘Water ToyRide' and ‘Rainbow Slide' both were well received by the visitors.

Dividend & Transfer to Reserves

The Board of Directors of the Company at its meeting held on 9th February 2018declared and paid an Interim Dividend for the financial year ending 31st March 2018 tothe shareholders of the Company @ 15% per Equity Share (0.15 paisa on an Equity share ofpar value of Rs. 1 each) on 46800000 equity shares amounting to Rs. 70.20 lakhs and theInterim Dividend was paid to those shareholders whose name appeared in the Register ofMembers as on February 23 2018. The total dividend for the year ended March 31 2018 willbe 0.15 paisa per equity share of face value of Rs. 1/- each.

The Board of Directors has decided to retain the entire amount of profits in the profitand loss account hence no amount has been transferred to Reserves.

Consolidation of Financial Statements

In addition to the Standalone Financial Statements we have in accordance with Section129(3) of the Companies Act 2013 and IND-AS prepared Consolidated Financial Statements ofthe Company for all its associates namely Nicco Jubilee Park Ltd. Nicco Parks LeisureProjects Pvt. Ltd. & Nicco Engineering Services Limited which forms part of thisAnnual Report. A separate statement in the Form AOC-1 containing the salient features ofthe financial statements of such Associate Companies prepared pursuant to Rule 5 of theCompanies (Accounts) Rules 2014 is appended as (Annexure – I) to thisDirectors' Report.

Board of Directors

1. Composition of the Board

Your Company's Board is duly constituted and is in compliance with the requirements ofthe Companies Act 2013 the Listing Regulations and provisions of the Articles ofAssociation of the Company. Your Board has been constituted with requisite diversitywisdom and experience commensurate to the scale of operations of your Company.

As on 31st March 2018 the Board of Directors comprised twelve members of whom elevenwere Non-Executive and one Executive. Presently there are six Independent Directors &one woman Director & three Nominee Directors on the Board. The Non-Executive Directorsare eminent professionals drawn from amongst persons with experience in business andindustry finance law and public enterprises.

2. Meetings

Five meetings of the Board of Directors were held during the financial year ended 31stMarch 2018. These were held on: (i) 17.04.2017 (ii) 10.05.2017 (iii) 07.08.2017 (iv)02.11.2017& (v) 09.02.2018.

Director's Responsibility Statement

Pursuant to clause (c) of sub-section (3) and sub-section (5) of section 134 of theCompanies Act 2013 your Directors state 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 have 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 as at 31.03.2018 and of the profit of thecompany for the year ended on that date;

(c) the directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;

(d) the directors have prepared the annual accounts on a going concern basis; and

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

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

Human Resources

Ours is a continuous quest to offer the finest guest experience and we are constantlyreinventing ourselves in a sector that is on the move. People power is one of the pillarsof our success. There is a well-calibrated reward and recognition mechanism bringing inmeritocracy. Learning and development Initiative for employees are greatly emphasized toenable all round good performance by individuals.

Encouraging cordial working relation and maintaining good industrial relations havebeen the philosophy and endeavour of the HR Department. Statutory compliances related tolabour laws have been followed with due emphasis.

Your company firmly believes that its greatest strength lies in the quality of itsmanpower and the competence and commitment of its people are the principle drivers thatenable the enterprise to create and deliver value. The Company's ‘People philosophy'has given it a competitive edge as its guests are served by bright enthusiastic andcommitted employees who anticipate guests needs and deliver exceptional service withgenuine warmth.

Industrial relations continued to remain cordial throughout the year. As on 31st March2018 the number of people employed by the Company was 232.

Nomination & Remuneration Policy

The remuneration policy is aimed at rewarding performance based on review ofachievements on a regular basis. The remuneration policy is in consonance with therequirements of section 178 of the Companies Act 2013 & Rules thereto and theexisting industry practice.

The Non-Executive & Independent Directors draw sitting fees at the rate of Rs.12500/- for attending each meeting of the Board or Committee thereof. The sitting feeswere revised by the Board in respect of all meetings held after 9th February 2018. Otherthan sitting fees the Non-Executive & Independent Directors do not draw anyremuneration from the Company.

The components of the total remuneration vary for different levels and are governed byindustry pattern practice qualification and experience of the employees andresponsibilities handled by them.

The objectives of the remuneration policy are to motivate and encourage the employeesto deliver higher performance and to recognize their contribution.

The company's policy on the appointment of the Directors & Senior Management andthe remuneration for the Directors Key Managerial Personnel and other employees can bereferred to at the Website of the Company

Risk Management & Mitigation

Risk Management is the process of identification assessment and prioritisation ofrisks followed by coordinated efforts to minimise monitor and mitigate / control theprobability and /or impact of unfortunate events or to maximize the realization ofopportunities. The Company had all along been conscious of the risks associated with thenature of its business. The Company has identified various risks faced by the Company fromdifferent areas. The Company already has a Risk Management Framework for laying downprocedures to inform the Board members about the risk assessment and minimizationprocedures. The Board has adopted a risk management policy in consultation with variousfunctional heads to identify assess and mitigate the major areas of risk associated withthe business of the Company. Appropriate structures are present so that risks areinherently monitored and controlled. Risk identification risk assessment and risktreatment procedures for all functions of the Company are reviewed on an ongoing basis.

The Audit Committee and the Board reviews the Risk Management Framework on regularbasis.

Related Party Transaction

During the year under review your Company has not entered into any contract/arrangement/ transaction with related parties which could be considered material in termsof Section 2(76) Section 188 of Companies Act 2013 read with Companies (Meeting of Board& its Powers) Rule 2014 and in accordance with the Policy of the Company for RelatedParty Transactions. The policy on RPTs as approved by the Board is available on theCompany's website at

As there was no material related party transaction entered by the Company during theFinancial Year 2017-18 as per Related Party Transactions Policy no detail is required tobe provided in Form AOC-2 prescribed under Clause (h) of Sub-section (3) of Section 134 ofthe Act and Rule 8(2) of the Companies (Accounts) Rules 2014.

Declaration By Independent Directors

Mr. Sunil Mitra Mr. Anand Chatrath Mr. Sujit Poddar Mr. Tapan Chaki Mr. SubodhKumar Bhargava & Mr. Deepak Indernarayen Premnarayen being Independent Directors ofthe Company have confirmed that they meet the criteria of Independent Directorship as laiddown in section 149(6) of the Companies Act 2013 and the rules made thereunder and thelisting regulations which has been noted by the Board.



There has not been any appointment/cessation during the year under review and thecomposition of the Board of Directors remained unchanged during the F.Y. 2017-2018.

Ms. Pallavi Priyadarshini Kaul (DIN: 00065449) Vice-Chairperson Non-Independent &Non-Executive Director (Nominee of Nicco) retires by rotation at the forthcoming AnnualGeneral Meeting and being eligible seeks re-appointment.In compliance with Regulation36(3) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015read with the Secretarial Standard on General Meetings (SS-2) issued by the Institute ofCompany Secretaries of India (ICSI) the particulars of Ms. Pallavi Priyadarshini Kaul(DIN: 00065449) is mentioned in the Annexure - A to the Notice convening the 29thAnnual General Meeting of the Company.

Key Managerial Personnel (KMP)

In addition to Mr. Abhijit Dutta Managing Director & CEO Mr. Pankaj Kumar RoyVice President & CFO and Mr. Rahul Mitra Company Secretary & Vice-President theBoard of Directors of the Company at its meeting held on February 9 2018 designated Mr.Rajesh Raisinghani Senior Vice-President - Operations Marketing and F&B as a KMP.

Internal Financial Controls

Your company has in place an established internal control system designed to ensureproper recording of financial and operational information and compliance of variousinternal control and other regulatory and statutory compliances. Internal FinancialControl systems and procedures are commensurate with the company's size and nature ofbusiness. The objective of these procedures is to ensure efficient use and protection ofthe company's resources accuracy in financial reporting and compliance of statutes andcompany procedures. The existing system ensures orderly and efficient conduct of itsbusiness including adherence to company's policies safeguarding of its assets preventionand detection of frauds and errors accuracy and completeness of the accounting recordsand timely preparation of reliable financial information.During the year under reviewthere were nil instances of fraud.

Your Company has in place adequate internal financial controls with reference to theFinancial Statements. Such controls have been tested during the year and no reportablematerial weaknesses in design or operation was observed. The Internal Financial Controlsystems and procedures and their effectiveness are audited and reviewed on regular basisand monitored by the Audit Committee of the Board of Directors of the Company on aperiodic basis.


Nandan Park Limited – Dhaka Bangladesh

Nandan Park Limited registered a net profit after tax of BDT 49.38 lacs during theaccounting year July 2016 to June 2017.

Nicco Jubilee Park Limited – Jamshedpur Jharkhand

Jamshedpur being an important industrial township Nicco Jubilee Park within thepremises of the popular Jubilee Park draws a fair number of visitors. The Net Profit afterTax for the year 2017-2018 was Rs. 17.77 lakhs although the company continues to earncash profit yet the net worth of the Company remains negative due to huge accumulatedlosses on account of arrear entertainment tax and penalty thereof which remain animpediment to the growth of this company. Mr. Abhijit Dutta is also designated as theManaging Director of Nicco Jubilee Park Limited.

Nicco Engineering Services Limited – Kolkata West Bengal

Nicco Engineering Services Limited is engaged in the business of providing engineeringservices. The Company registered a Net Profit after Tax of Rs.587.11 Lakhs for the year2017-2018.

Nicco Parks Leisure Projects Private Limited – Kolkata West Bengal

To support your company's future growth and expansion through acquisitionsparticipation in future joint venture projects for amusement parks and water parks yourcompany has floated this Special Purpose Vehicle (SPV).

Share Capital

The paid up Equity Share Capital as at 31st March 2018 stood at Rs. 468.00 lakhs.During the year under review the Company has not issued shares with differential votingrights nor has granted any stock options or sweat equity. As on 31st March 2018 none ofthe Directors of the Company hold instruments convertible into equity shares of theCompany.

Fixed Deposits

Your Company has not accepted any deposits from the public falling with in the ambit ofsection 73 of the Companies Act2013 and the Rules framed thereunder.

Particulars of Loans Guarantees or Investments

Your Company has not given any loan or any guarantee or has not made any investmentsunder section 186 of the Companies Act 2013.

Issue of Shares / Buy Back / Employees Stock Option Scheme / Sweat Equity

The Company has not bought back any of its shares has not issued shares withdifferential voting rights has not issued any Sweat Equity Share and has not provided anyStock Option Scheme to its employees during the year under review.

Statutory & Legal Matters

There has been no significant and/or material order(s) passed by anyregulators/Courts/Tribunals impacting the going concern status and the Company'soperations in future.

Your Company has prepared the Financial Statements for the financial year ended March31 2018 under Sections 129 133 and Schedule III (Division II) to the Companies Act 2013read with the Companies (Indian Accounting Standards) Ammendment Rules 2016.

Your Company has adopted Indian Accounting Standard (referred to as ‘Ind-AS')with effect from 1st April 2017 for periods upto and including the year ended 31st March2018 further in accordance with the Rules the company had also restated it's BalanceSheet as at 1st April 2016 as per Ind-AS and the figures for the year ended 31st March2017 is as per Ind-AS.

Material Changes & Commitments Occurring after the end of Financial Year

No material changes and/or commitments affecting the financial position of the Companyoccurred between the end of the financial year to which the attached financial statementsrelate to and upto the date of this report.

Change In Nature of Business

There has been no change in the nature of business of the Company during the financialyear 2017-18.

Conservation of Energy & Technology Absorption

In view of long-run sustainability your Company's triple bottom line approach oneconomic environmental and social returns had made the company more environmentalconscious and it is now committed towards minimizing carbon foot-print and green houseeffects.

Although the operations of the company are not energy intensive the management ishighly conscious of the criticality of the conservation of energy at all operationallevels and also for utilizing alternate sources of energy. Your Company is adoptingvarious steps for the conservation of energy by adhering to strict norms it has preparedin ISO 9001:2015 (Quality Management System) ISO 14001:2015 (Environmental ManagementSystem) OHSAS 18001:2007 (Occupational Health & Safety Management System) manuals.Your company is committed to maintain an eco-friendly environment within the park.

Your Company is producing organic manure from the waste generated in the park and theseare being used for its own horticulture and beautification of the park.

Your Company does not have any Technology Agreement.

Whistle Blower Policy / Vigil Mechanism

In terms of provisions of Section 177 of the Companies Act 2013 and Rules framedthereunder read with Regulation 22 of the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 your Company has a vigil mechanism in place for theDirectors and Employees of the Company through which genuine concerns regarding variousissues relating to inappropriate functioning of the organization can be communicated.

The mechanism provides for adequate safeguards against victimization of Directors andemployees who avail the mechanism and also provide for direct access to the Chairman ofAudit Committee. This neither releases employees from their duty of confidentiality in thecourse of their work nor can it be used as a route for raising malicious or unfoundedallegations about a person/ situation.

During the year under review none of the Directors / employees / business associates/vendors was denied access to the Chairman of the Audit Committee. The said policy isavailable on the Company's website at WHISTLE-BLOWER-POLICY.pdf

Secretarial Standards

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto ‘Meetings of the Board of Directors' and ‘General Meetings' respectivelyhave been duly followed by the company. The Company has in place proper systems to ensurecompliance with the applicable Secretarial Standards issued by the Institute of CompanySecretaries of India.


The equity shares of the Company continue to be listed on the Bombay Stock Exchange(BSE) and Calcutta Stock Exchange (CSE). The Company has paid the requisite listing feesto all the Stock Exchanges for Financial Year 2018-19.

Foreign Currency Earnings & Outgo

While there have been foreign visitors to the Park no separate record is kept ofearnings from them as they pay for the entry fees and other expenses in Indian Rupees.During the period under review the Company did not have any foreign currency earnings.Thetotal Foreign currency used during the financial year ended 31st March 2018 was Rs.10970653 on account of purchase of rides & games purchase of components &spares exhibition business promotion & overseas travelling.

Complaints Received by the Sexual Harassment Committee

The Company has in place a policy in line with the requirements of The SexualHarassment of Women at Workplace (Prevention Prohibition & Redressal) Act 2013 (14of 2013). Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this Policy.

There were nil complaints received during the year under review.

Performance Evaluation

The evaluation of the Board its Chairman individual Directors and Committees of theBoard was undertaken in compliance with the provisions of Section 134(3)(p) and ScheduleIV of the Companies Act 2013.

According to Regulation of 25(3) of the Securities and Exchange Board of India (ListingObligations and DisclosureRequirements) Regulations 2015 a meeting of the IndependentDirectors was held on 09th February 2018 to inter alia review and evaluate theperformance of the Non-Independent Directors and the Chairperson of the Company takinginto account the views of the Executive Directors and Non-Executive Directors; assessingthe quality quantity and timeliness of flow information between the Company managementand the Board and also to review the overall performance of the Board. The Boardthereafter in its meeting held on the same day evaluated the performance of theIndependent Directors.

Auditors and Auditor's Report

The requirement to place the matter relating to appointment of Auditors forratification by members at every Annual General Meeting is done away vide notificationdated 7th May 2018 issued by the Ministry of Corporate Affairs New Delhi. Accordinglyno resolution is proposed for ratification of appointment of Auditors who were appointedin the Annual General Meeting held on 10th August 2016.

Your Company's statutory auditors Messrs Singhi & Co Chartered AccountantsKolkata have confirmed that they are not disqualified from continuing as Auditors of theCompany.

During the year under review the Auditors had not reported any matter under Section143 (12) of the Act therefore no detail is required to be disclosed under Section134(3)(ca) of the Act.

The Auditors Report does not contain any qualifications reservation or adverse remarkor disclaimer.

Audit Committee

The Audit Committee comprises of four Directors majority of the Directors areIndependent Directors. During the year under review all the recommendations made by theAudit committee were accepted by the Board.

Cost Records

Your Company is not required to maintain Cost Records as specified by the CentralGovernment u/s 148(1) of the Companies Act 2013.

Corporate Social Responsibility (CSR)

The composition role functions and powers of the Corporate Social Responsibility(CSR) Committee of the Company are in accordance with the requirements of the CompaniesAct 2013. The CSR Committee guides and monitors the activity undertaken by the Company inthis sphere.

Acknowledging its responsibility towards the society your Company has put in place aCSR Policy which may be referred to at the Company's official website at to the provisions of Sec 135 of the Companies Act 2013 and applicable Rules forthe year ended March 31 2018 the Company was required to spend Rs. 15.03 lakhs in itsCSR funds. Details of the project undertaken under CSR and expenses incurred during theyear forms a part of the Report in Annexure II.

Secretarial Audit

Pursuant to Section 204 of the Companies Act 2013 and the rules made thereunder Mr.P.V. Subramanian (C.P. No.- 2077; ACS- 4585) Company Secretary in Whole-time Practicewas appointed as the Secretarial Auditor of the Company. The report of the SecretarialAuditor forms part of this Annual Report. The report does not contain any qualificationsreservation or adverse remark or disclaimer.

A copy of the Secretarial Audit Report received from Mr. P.V. Subramanian (C.P. No.-2077; ACS- 4585) Company Secretary in Whole-time Practice in the prescribed Form No. MR-3is annexed to this Board's Report and marked as Annexure III.

Extract of Annual Return

Pursuant to section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies(Management and Administration) Rules 2014 extract of the Annual Return in the Form MGT– 9 forms part of this report in Annexure – IV.

Particulars of Employees & Related Disclosures

Disclosure pertaining to remuneration and other details as required under section197(12) of the Companies Act 2013 read with Rules 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are provided in Annexure – V.As per the provisions of Section 136(1) of the Companies Act 2013 the Annual Reportexcluding the information on employee's particulars is being sent to the members which ishowever available for inspection at the Registered office of the Company during workinghours and any member interested in obtaining such information may write to the CompanySecretary and the same will be furnished without any fee.

Management Discussion & Analysis Report

Pursuant to Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Management Discussion and Analysis Reportforms part of the Boards' Report in Annexure – VI.

Corporate Governance

The Principles of good Corporate Governance as prescribed by the Listing Agreements ofthe relevant Stock Exchanges alongwith a Certificate of Compliance issued by a PracticingCompany Secretary forms part of the Annual Report 2017-2018 in Annexure – VII.

Green Initiatives

To support the ‘Green Initiative' Members who have not registered their emailaddresses are requested to register the same with the Company's Registrar and ShareTransfer Agent/Depositories for receiving all communications including Annual ReportNotices Circulars etc. from the Company electronically.


Your Directors are thankful to the members and investors for their confidence andcontinued support. Your Board would like to thank the Management of the company and alsothank the nominated Directors on the Board and the major Shareholders for their completesupport in smooth operations of your Company. Your Board is very grateful to theIndependent Directors for their valuable contributions. All of them despite other businessexigencies have shared their rich experience and knowledge with the management to takeyour Company forward. The Directors would like to express their gratitude for the supportfrom all its customers suppliers bankers and vendors.

Your Directors acknowledge with gratitude the co-operation and assistance received fromState Government departments and other agencies during the period under review viz. WestBengal Industrial Development Corporation Limited West Bengal Tourism DevelopmentCorporation Limited HDFC Bank AXIS Bank Allahabad Bank State Bank of IndiaBandhanBankSmall Industries Development Bank of India (SIDBI)Tourism Finance Corporation ofIndia Limited (TFCI)and Bidhan Nagar Municipality.

Your Directors place on record their appreciation of the contribution made by employeesat all levels. Our resilience to meet challenges was made possible by their hard worksolidarity co-operation and support.

For & on behalf of the Board of Directors
‘Jheel Meel' S/d S/d
Sector IV Salt Lake City A. R. Bardhan Abhijit Dutta
Kolkata – 700 106 Chairman Managing Director & CEO
Date:09.08.2018 DIN:-03176641 DIN:-00233374