To the Members
The Directors submit 22nd annual report of the Company along with theaudited financial statements for the financial year (FY) ended March 31 2016
1. Financial Summary
The Companys financial performance for the year ended March 31 2016 issummarised below:
| || ||Rs. in Lakhs |
|Particulars ||Current Year ended 31st March 2016 ||Previous year ended 31st March 2015 |
|Gross Revenue ||90.93 ||162.50 |
|Profit before interest depreciation & taxes ||50.02 ||30.19 |
|Interest ||0.00 ||0.00 |
|Depreciation & Amortization ||1.35 ||2.97 |
|Profit /Loss After Tax ||39.07 ||27.45 |
2. Performance of the Company
The turnover and Profit of the Company for the current year were Rs. 90.93 lacs and Rs.39.07 Lakhs as against corresponding figures of the previous year of Rs. 162.50 Lakhs andRs. 27.45 lakhs respectively.
The Board of Directors of your Company has not recommended any dividend for thefinancial year 2015-16.
4. State of Companys affair & Future Outlook
Nihar Info Global Ltd. Has diversified into the ecommerce space for the last 2 years.It has started as B2C ecommerce and has operationalized seven ecommerce portals forvarious products and services. The Company has also forayed into the B2B ecommerce spaceand has huge plans to tap the B2B ecommerce space. The B2B Services currently offered bythe Company are Corporate Gifts including Festival and Premium Gifts Bulk Supply ofElectronics Bulk Supply of Stationery Products Bulk Supply of Housekeeping ProductsBulk Supply of Pantry Products and Bulk Supply of LED Bulbs. It also has plans to addother portfolio of products for its B2B Business. The company has associated itself withmore than 100 Brands and Manufacturers for supply of various products. The Company is alsooffering various Customized gifts for the Corporates in the Gifting segment. TheManagement has huge plans to capture the untapped B2B Market space.
The company is developing its own B2B channels as mentioned below.
1. Common Service Centres Network 2. Post Office Network 3. Franchisee Network 4.Business Partner Network 5. Self Help Group Network 6. Third Party ecommerce Network
By 2020 the business-to-business (B2B) segment of the burgeoning e-commerce industryin India is set to grow by 2.5 times to touch Rs. 45 lakh Crore says a report byAhmedabad-based e-commerce consultant firm Ecumen.in. Another 2014 report by global retailgiant Walmart also underscores this trend. It predicts that the online B2B sector inIndia which is $300 billion as of now will grow to $700 billion by 2020.
Declaration by directors regarding statutory payments:
As regards the comments by the auditors report regarding statutory dues we wishto inform that the company will clear the statutory dues at the earliest possible.
The company has developed its own integrated logistics module software and signedagreements with India post Blue Dart Express Limited Gati Limited sequel Logistics PvtLtd and our logistic module is fully integrated with them and we are in a position totransport any item across the country.
Details of Associate Company
The Company has no subsidiary as on March 31 2016. Nihar Stocks Limited is anassociate company within the meaning of section 2(6) of the Companies Act 2013("Act") and its
Summarised performance and financial position is given below (Pursuant to first provisoto Subsection (3) of Section 129 of the Companies act 2013 read with Rule 5 of theCompanies (Accounts) Rules 2014)
|Name of the Company- ||Nihar Stocks Limited |
|Financial period ended- ||31st March 2016 |
|Share Capital- ||Rs. 15 25000 equity share capital |
|Reserves & Surplus- ||Rs. (12 97796) |
|Total Assets- ||Rs. 47659297 |
|Total Liabilities ||Rs. 47659297 |
|(excluding share capital & || |
|Reserves & Surplus) || |
|Non Current Investments ||Rs. 43097337 |
|Turnover ||Rs. 1600625 |
|Profit/ Loss before taxation ||Rs. 148959 |
|Profit/ (Loss) after taxation ||Rs. 148959 |
Extract of annual return
Extract of the annual return in Form No. MGT 9 is given as Annexure - I
Disclosure Pursuant to clause 5A of the Listing Agreement
As per Clause 5A of the Listing Agreement inserted as per SEBI notification no:SEBI/CFD/DIL/LA/1/2009/24/04 dated April 24 2009 the details in respect of the shareswhich were issued pursuant to the Composite Scheme of Amalgamation and Arrangement andlying in the suspense account till March 31 2016 is as under.
|Description ||Number of Shareholders ||Number of Equity Shares |
|Aggregate number of shareholders and the || || |
|outstanding shares in the suspense account lying at the || || |
|beginning of the year ||846 ||76324 |
|Number of shareholders who approached issuer for || || |
|transfer of shares in suspense account during the year ||15 ||38042 |
|Number of shareholders to whom shares were transferred || || |
|from suspense account during the year ||15 ||38042 |
|Aggregate number of shareholders and the outstanding || || |
|shares in the suspense account lying at the end of the year ||831 ||38282 |
The Voting rights on the shares outstanding in the suspense account as on March 312016 shall remain frozen till the rightful owner of such shares claims the shares. Incompliance with the said requirements these shares are transferred into one folio in thename of Unclaimed Suspense Account.
Directors Responsibility Statement
Pursuant to section 134(5) of the Companies Act 2013 the board of directors to thebest of their knowledge and ability confirm that:
In preparation of the annual accounts the applicable accountingstandards have been followed along with proper explanations and disclosures relating tomaterial departures.
The relevant accounting policies are applied consistently and theDirectors have made judgments and estimates that are reasonable and prudent so as togive a true and fair view to the state of affairs of the Company as on 31st March 2016and of the profit of the Company for the period.
Proper and sufficient care has been taken in the maintenance of adequateaccounting records in accordance with the provision of the Companies Act 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.
The annual accounts have been prepared on a going concern basis.
The directors in the case of a listed company had laid down internalfinancial controls to be followed by the company and that such internal financial controlsare adequate and were operating effectively.
The directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
Directors and key managerial personnel
Pursuant to the provisions of section 149 of the Act Mr. Jagadeeswar Rao Reddi Mr.J.Sundara Sekhar and Mr. Ajith Kumar Nagarani were appointed as independent directors. Theyhave submitted a declaration that each of them meets the criteria of independence asprovided in section 149(6) of the Act and there has been no change in the circumstanceswhich may affect their status as independent director during the year. Mr. Divyesh NiharBoda and BSN Suryanarayana retire by rotation and being eligible has offered themselvesfor re-appointment. During the year the non-executive directors of the Company had nopecuniary relationship or transactions with the Company other than the sitting fees andreimbursement of expenses incurred by them for the purpose of attending meetings of theCompany. Pursuant to the provisions of section 203 of the Act the key managerialpersonnel of the Company are- Mr. B.S.N.Suryanarayana Managing Director Mrs. AsthaChaturvedi Company Secretary and Chief Financial Officer as Ms. P Anuradha There hasbeen no change in the key managerial personnel during the year.
Deposits from public
The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding as on the date of thebalance sheet.
Particulars of Conservation of Energy Technology Absorption and Foreign ExchangeEarnings and Outgo
The Particulars with respect to Conservation of energy Technology observation andForeign exchange earnings and outgo as per Section 217(1) (e) of the Companies Act 1956read with the Companies (Disclosure of Particulars) Rules 1988 are given below:
Conservation of Energy: The operations of the Company are not energyintensive and every effort has been made to ensure the optimal use of energy avoid wasteand conserve energy by using energy efficient computers and equipment with latesttechnologies.
Research and Development: No amount was spent in Research and Developmentduring the year 2015-16.
Technology Absorption: Your Company is constantly upgrading itstechnological excellence with emerging technologies.
Exports and outgo: The company had a foreign exchange earning of Rs.8020800/- in 2015-2016
Your Directors would like to place on record deep appreciation to our ShareholdersCustomers and Bankers.
Finally we appreciate and value the contributions made by all our employees.
| ||For and on behalf of the Board of Directors |
|Place: Secunderabad || |
|Date: 27.08.2016 ||(Sd/-) |
| ||B.S.N Suryanarayana |
| ||(Managing Director) |
| ||(DIN: 01499145) |