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Oricon Enterprises Ltd.

BSE: 513121 Sector: Industrials
NSE: ORICONENT ISIN Code: INE730A01022
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NSE 15:55 | 13 Jul 17.80 -1.15
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OPEN 18.70
PREVIOUS CLOSE 19.00
VOLUME 63537
52-Week high 24.40
52-Week low 8.90
P/E 9.13
Mkt Cap.(Rs cr) 280
Buy Price 17.70
Buy Qty 200.00
Sell Price 17.80
Sell Qty 689.00
OPEN 18.70
CLOSE 19.00
VOLUME 63537
52-Week high 24.40
52-Week low 8.90
P/E 9.13
Mkt Cap.(Rs cr) 280
Buy Price 17.70
Buy Qty 200.00
Sell Price 17.80
Sell Qty 689.00

Oricon Enterprises Ltd. (ORICONENT) - Director Report

Company director report

To

The Members

Oricon Enterprises Limited

Your Directors have pleasure in presenting the FORTY NINTH ANNUAL REPORT of the Companytogether with the Audited Financial Statement(s) of the Company for the year ended March312019.

1. Financial Results:

Rupees In Lakhs

Particulars

Standalone Result

Consolidated Result

2018-19 2017-18 2018-19 2017-18
Gross Profit 8160.54 5802.81 14269 12621.57
Deduction there from:
Finance Cost 1101.22 1152.00 1788.81 1814.98
Depreciation 2784.18 2800.15 7537.49 7184.86
Profit before prior period adjustment 4275.14 1850.66 4942.70 3621.73
Prior Period adjustment - - - -
Profit before taxation and exceptional items 4275.14 1850.66 4942.70 3621.73
Exceptional Item - - - (404.69)
Share of Profit of Joint Ventures - - - (2.94)
Profit before tax 4275.14 1850.66 4942.70 3214.10
Less: Provision for Taxation
Current Tax 830 537.25 1240 1166.95
Current Tax for earlier years 17.33 (11.01) (81.99) (13.09)
Deferred Tax 23.33 (209.46) (248.77) (10.50)
Profit after tax 3224.48 1533.88 4033.46 2246.27
Net Profit from continuing operation 3224.48 1533.88 4033.46 2246.27
Profit/(Loss) from discontinuing operation - - - -
Net Profit 3224.48 1533.88 4033.46 2246.27
Retained Earnings:
Opening Balance 7112.53 6404.98 19461.08 19818.49
Add:
Profit for the year 3224.48 1533.88 3630.47 557.67
Other Comprehensive Income 25.76 6.24 3.79 19.24
Transactions with owners in capacity as owners
Dividend Paid (785.24) (722.42) (785.24) (722.42)
Tax on Dividend Paid (100.52) (110.14) (161.57) (147.08)
Retained earnings to be carried forward. 9477.01 7112.53 22148.53 19461.08

2. Financial Performance Standalone

Sales and Other Income for the year ended March 31 2019 amounted to Rs. 657.15 Croresas against Rs. 596.72 crores in the previous Financial Year. Net Profit for the year underreview was Rs. 32.24 Crores as against Rs. 15.34 crores in the previous Financial Year.

Consolidated

The consolidated revenue for the year ended March 312019 was Rs. 1156.52 crores asagainst Rs. 1077.09 crores in the previous Financial. Net Profit for the year under reviewwas Rs. 40.33 crores as against Rs. 22.46 crores in the previous Financial Year.

3. Dividend

Your Directors are pleased to recommend a dividend @ 25%

i.e. Rs. 0.50/- per equity share for the Financial Year 2018-19 which if approved atthe forthcoming Annual General Meeting will be paid to (i) the Members holding shares inphysical mode and whose names appear on the Register of Members as on 21st September 2019(ii) the Members holding shares in electronic form and who are beneficial owners of theshares as on the close of working hours of 10th September 2019 as per the detailsfurnished by the Depository(ies). The total outgo for dividend shall be Rs. 785.24 lakhsexcluding Dividend Distribution Tax.

4. Preform Manufacturing Unit in Odisha

It has been informed to the members earlier that the Company is setting up amanufacturing unit at Khorda in the State of Odisha with an expected investment of Rs.100.00 Crores in two phases for manufacturing preforms. The Board is pleased to inform youthat the Company has commenced manufacturing activities from March 29 2019.

5. Land Development (Worli)

During the year under review the Company has entered into two supplementary agreementsto Joint Development Agreement (JDA) with Indiabulls Infraestate Limited (“theDeveloper”) pursuant to which “Oricon Realisation” as stated in JDA shallstand reduced from 30% to 12%and accordingly revenue from Real Estate segment amountingto Rs. 5770 lakhs and proportionate inventory has been reduced by Rs. 4597.42 lakhs forthe quarter ended December 312018 and revenue from Real Estate segment aggregating to Rs.20770 lakhs and proportionate inventory has been reduced by Rs. 16604.71 lakhs for theyear ended March 312019.

Subsequently the Company has entered into fourth supplemental agreement withIndiabulls Infraestate Limited pursuant to which the Company is entitled to receive amonetary consideration of Rs. 102.80 Crores and certain residential flat admeasuring inaggregate to 12269 square feet of Municipal FSI in tower A and B in Indiabulls BluProject being constructed by Indiabulls Infraestate Limited at the adjourning plot alongwith the amenities / facilities as provided by the developer.

6. Subsidiary Companies and Joint Venture

During the year under review following were the Subsidiary Companies and Joint VentureCompany of the Company:

S.No Name of the Entity Relationship
1 United Shippers Limited Subsidiary
2 Reay Road Iron & Metal Warehousing Private Limited Subsidiary
3 Oriental Containers Limited (Formerly Known as Pelliconi Oriental Limited) Subsidiary
4 Claridge Energy LLP Joint Venture

The Subsidiaries of the Company Oriental Containers Limited and Shinrai Auto ServicesLimited has merged with Oricon Enterprirses Limited during the year 2018-19.

A separate statement containing the salient features of financial statements of all thesubsidiaries of your Company forms part of Annual Report in the prescribed Form AOC-1 asAnnexure I in compliance with Section 129 and other applicable provisions if any of theCompanies Act 2013.

The Financial Statements of the subsidiary companies and related information areavailable for inspection by the Members at the Registered Office of the Company during thebusiness hours on all days except Saturdays Sundays and public holidays up to the date ofthe Annual General Meeting (AGM) as required under Section 136 of the Companies Act 2013.Further in line with the SEBI (Listing Obligations and Disclosures Requirements)Regulations 2015 and in accordance with IND AS - 110 Consolidated Financial Statementprepared by the Company includes financial information of its subsidiaries.

The Company will provide a copy of Annual Report and other documents of its subsidiarycompanies on the request made by any Member investor of the Company/ SubsidiaryCompanies. The Financial Statements of the Subsidiary Companies have been kept forinspection by any Member at the Registered Office of the Company. The statements are alsoavailable on the website of the Company www.oriconenterprises.com

7. Transfer of Unpaid/ Unclaimed Dividend and Shares thereof to IEPF

During the year under review Company has transferred a sum of Rs. 194476/- to theInvestor Education and Protection Fund established by the Central Government incompliance with the provisions of Section 125 of the Companies Act 2013. The said amountrepresents dividends which were declared by the Company in the financial year 2010-11 andwere lying unpaid/unclaimed with the Company for a period of seven years from the date oftheir transfer into unpaid dividend account.

The detailed list of members whose unpaid/unclaimed dividend has been transferred toIEPF is uploaded on the website of the Company athttp://www.oriconenterprises.com/pdf/Dividend-transferred- to-IEPF-2010-11.pdf

Further pursuant to provisions of Section 125 of the Companies Act 2013 the Companyhas also transferred shares to IEPF on which dividend has not been claimed for the lastseven years i .e. dividend declared by the Company for the financial year 2010-11.

The detailed list of members whose shares has been transferred to IEPF is uploaded onthe website of the Company at: http://www.oriconenterprises.com/pdf/SHARES%20TO%20BE%20TRANSFERRED%20TQ%20IEPF-2010-11.pdf

8. Directors and Key Managerial Personnel

In accordance with the requirements of the Companies Act 2013 and Articles ofAssociation of the Company Mr. Varun Somani and Mrs. Sujata Parekh Kumar Director of theCompany retire by rotation at the forthcoming Annual General Meeting and being eligibleoffer themselves for reappointment as Director liable to retire by rotation.

Further Mr. Vinod Mimani was appointed w.e.f 01st October 2014 for a period of 5years whose tenure expires at the conclusion of 49th Annual General Meeting and isproposed to be re-appointed for second term to hold office from the conclusion of thisAnnual General Meeting till the conclusion of 54th Annual General Meeting of the Companyto be held in the year 2024.

Further pursuant to Regulation 17(1A) of SEBI (Listing Obligation and DisclosureRequirements) 2015 the following Directors of the Company ceased to be Directors w.e.f01st April 2019:

1. Mr. Susheel G. Somani -Non-executive Director

2. Mr. N. Ganga Ram-Independent Director

3. Mr. K.G. Gupta-Independent Director

4. Mr. Vijay Bhatia-Independent Director

And all have been reappointed as Director w.e.f 01st July 2019 pursuant to resolutionpassed by Postal Ballot/ E-voting.

9. Details of Committees of the Board

At present the Board has following four (4) Committees:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholders' Relationship Committee and

• Corporate Social Responsibility Committee.

The Composition of the Committees and relative compliances are in line with theapplicable provisions of the Companies Act 2013 read with the Rules and SEBI (ListingObligations and Dislcosures Requirements) Regulations 2015. Details of terms of referenceof the Committees Committees' Membership and attendance at meetings of the Committeesexcept CSR Committee are provided in the Report on Corporate Governance.

10. Corporate Social Responsibility Committee

The constitution composition terms of reference role powers rights obligations of‘Corporate Social Responsibility Committee [‘CSR Committee'] are in conformitywith the provisions of Section 135 and all other applicable provisions of the CompaniesAct 2013 read with the Companies (Corporate Social Responsibility Policy) Rules 2014.

The CSR Committee consists of the following Members as on March 312019:

Name Designation Non-Executive / Independent
Mr. Adarsh Somani Chairman Joint Managing Director
Mr. Vijay Bhatia Member Independent Director
Mr. Vinod Mimani Member Independent Director

Further pursuant to restructuring of Board of Directors the Board in its meeting heldon April 27 2019 has reconstituted CSR committee as under:

Name Designation Non-Executive / Independent
Mr. Adarsh Somani Chairman Joint Managing Director
Mrs. Mamta Biyani Member Independent Director
Mr. Vinod Mimani Member Independent Director

11. Corporate Social Responsibility

During the year under review the Company has spent Rs. 72.50 Lakhs on Corporate SocialResponsibility as per the CSR policy of the Company.

The Annual report on CSR activities in accordance with the Companies (Corporate SocialResponsibility Policy) Rules 2014 is set out as Annexure II forming part of this Report.

12. Policy on Directors' appointment and remuneration

The Nomination and Remuneration Committee is entrusted with the responsibility ofidentifying and ascertaining the integrity qualification expertise and experience of theperson for appointment as Director KMP or at Senior Management level and recommendingtheir appointment for the consideration of the Board.

The Company has drawn up Nomination and Remuneration policy in line with therequirement of Section 178 of the Companies Act 2013. The Policy inter alia provides thata person should possess adequate qualification expertise and experience for the positionhe / she is considered for appointment. The Committee has discretion to decide whetherqualification expertise and experience possessed by a person is sufficient / satisfactoryfor the concerned position.

13. Vigil Mechanism / Whistle Blower Policy

The Company has a Vigil Mechanism cum Whistle Blower Policy (‘Vigil Mechanism') inplace. The Vigil Mechanism is a system for providing a tool to the employees of theCompany to report violation of personnel policies of the Company unethical behaviorsuspected or actual fraud violation of code of conduct. The Company is committed toprovide requisite safeguards for the protection of the persons who raise such concernsfrom reprisals or victimization.

The Policy provides for direct access to the Chairperson of the Audit Committee inappropriate or exceptional cases. The Board of Directors affirm and confirm that noemployee of the Company has been denied access to the Committee.

Details of the Vigil Mechanism are available on the Company's websitewww.oriconenterprises.com

14. Risk Management

The Company has adopted a Risk Management Policy in accordance with the provisions ofthe Companies Act 2013 which laid down the framework to identify evaluate business risksand opportunities. The Company has vested powers to the Audit Committee to regulate therisk identification assessment analysis and mitigation with the assistance of theInternal Auditor. The Company has procedures in place for informing the Board of Directorson risk assessment and management procedures. Senior management periodically reviews thisrisk management framework to keep updated and address emerging challenges. The managementis however of the view that none of the risks may threaten the existence of the Companyas robust Risk mitigation mechanism is put in place to ensure that there is nil or minimumimpact on the Company in case any of these risks materialize.

15. Policy on Prevention Prohibition and Redressal of Sexual Harassment at Workplace

The Company is committed to provide a healthy environment to all employees and thusdoes not tolerate any sexual harassment at workplace. The Company has in place ''Policyon Prevention Prohibition and Redressal of Sexual Harassment.” The policy aims toprovide protection to employees at the workplace and preventing and redressing complaintsof sexual harassment and it covers matters connected or incidental thereto.

The Company has in place internal complaints committee as required under the provisionsof Sexual harassment of Women at Workplace (Prevention Prohibition and Redressal) Act2013.

The Company has not received any complaint of sexual harassment during the financialyear 2018-19.

16. Adequacy of Internal Financial Controls with reference to the Financial Statements

The Company has devised appropriate systems and framework for adequate internalfinancial controls with reference to financial statements commensurate with the sizescale and complexity of its operations including proper delegation of authority policiesand procedures effective IT systems aligned to business requirements risk based internalaudit framework and risk management framework.

The Audit Committee regularly reviews the internal control system to ensure that itremains effective and aligned with the business requirements. In case weaknesses areidentified as a result of the reviews new procedures are put in place to strengthencontrols.

Further the Board annually reviews the effectiveness of the Company's internal controlsystem. The Directors and Management confirm that the Internal Financial Controls (IFC)are adequate with respect to the operations of the Company.

A report of the Auditors pursuant to Section 143(3) (i) of the Companies Act 2013certifying the adequacy of Internal Financial Controls is annexed with the Auditors'Report.

17. Number of Board Meetings

Four meetings of Board of Directors were held during the financial year 2018-19. Thedetails of the Board Meeting and the attendance of the Directors are provided in theCorporate Governance Report forming part of this Annual Report.

18. Annual Evaluation of Board Performance

Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 the performance evaluation of the

Chairman and the Non Independent Directors was carried out by the Independent Directorsin their meeting held on March 28 2019 who also reviewed the performance of the Board aswhole.

The Nomination and Remuneration Committee has defined the evaluation criteriaprocedure for the performance evaluation of the Board of Directors.

The Board's functioning was evaluated on various aspects including inter alia degreeof fulfillment of key responsibilities Board Structure and Composition effectiveness ofBoard process information and functioning.

The Directors were evaluated on aspects such as attendance and contribution at Board /Committee Meeting and guidance / support to the management outside Board / CommitteeMeetings. In addition the Chairman was also evaluated on Key aspects of his roleincluding setting the strategic agenda of the Board encouraging active engagement of allBoard Members.

Evaluation of Independent Directors was done by the Entire board.

19. Particulars of Loans Guarantees and Investments

Particulars of Loans Guarantees and Investment as required under Section 186 of theCompanies Act 2013 read with the Companies (Meeting of Board and its Powers) Rules 2014are given in Notes no. 8 9 10 13 and 17 forming part of Financial Statements.

20. Particulars of contracts or arrangements with related parties

The Company does not have any contract or arrangement or transaction with related partyin terms of Section 188 of the Companies Act 2013. Hence the disclosure required to beprovided under Section 134(3) (h) of the Companies Act 2013 in Form AOC - 2 is notapplicable.

The Disclosures as required under IND AS- 24 ‘'Related Party Dislcosures''notified under Rule 7 of the Companies (Accounts) Rules 2014 have been provided in NoteNo. 52 of the Notes forming part of the Financial Statements.

21. Declaration of Independent Directors

The Independent Directors have submitted their disclosures/ declarations to the Boardthat they fulfill all the requirements as stipulated in Section 149(6) of the CompaniesAct 2013 so as to qualify themselves to be appointed as Independent Directors under theprovisions of the Companies Act 2013 and the relevant rules.

22. Directors Responsibility Statement

The Board of Directors of the Company confirm:

(I) that in the preparation of the annual accounts for the year ended March 31 2019the applicable Accounting Standards have been followed;

(ii) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for the year under review;

(iii) 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;

(iv) that the Directors have prepared the annual accounts for the year ended 31stMarch 2019 on a ‘going concern' basis;

(v) that the Directors have laid down internal financial control and that such internalfinancial control are adequate and

(vi) that the Directors have devised proper system to ensure compliance with theProvisions of all applicable laws.

23. Credit Rating

Working capital facilities of the Company have been awarded CRISIL A-/Stable for Longterm and CRISIL A2+ for short term rating by CRISIL which represent positive capacity fortimely payment of short term debt obligations for the Financial Year ending 2019-20

24. Maintenance of Cost Records under Section 148(1) of the Companies Act 2013

The Company is not required to maintain Cost Records under Section 148(1) of theCompanies Act 2013 for the financial year ended 2018-19.

However during the year on account of merger of Oriental Containers Limited with theCompany certain products manufactured by the company falls under the requirement ofmaintenance of Cost Records effective from Financial Year 2019-20. Accordingly thecompany will maintain the cost records.

25. Disclosures Relating to Remuneration of Directors Key Managerial Personnel AndParticulars of Employees

The information required under Section 197 of the Companies Act 2013 read with Rule5(1) Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 inrespect of Directors/ Employees of the Company is appended in Annexure III forming part ofthis Report.

In accordance with provisions of Section 197 of the Companies Act 2013 read with Rule5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are required to be given in Directors Report. In terms of provisions of Section 136(1) ofthe Companies Act 2013 this report is being sent to the members without this annexure.Members interested in obtaining copy of the annexure may write to the Company Secretaryand the same will be furnished on request. The said information is available also forinspection at the registered office of the Company during working hours.

26. Extract of Annual Return

In terms of requirement of Section 92 of the Companies Act 2013 read with theCompanies (Management and Administration) Rules 2014 details forming part of the extractof annual returns is enclosed in Annexure IV forming part of this report.

Pursuant to the amended provisions of Section 92(3) and 134(3)(a) of the Companies Act2013 the Annual Return of the Company in Form MGT-7 is available on the Company's Websitewww.oriconenterprises.com.

27. Disclosure of Particulars

Information's as per the provisions of Section 134(3)(m) of the Companies Act 2013read with Rule 8(3) of the Companies (Accounts) Rules 2014 relating to Conservation ofEnergy Technology Absorption Foreign Exchange Earnings and Outgo is given in Annexure Vforming part of this Report.

28. Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review as stipulatedunder the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 formspart of this Annual Report.

29. Corporate Governance

Pursuant to Regulation 34 (3) read with Schedule V of the Securities and Exchange Boardof India (Listing Obligations and Disclosures Requirements) Regulations 2015 a Report onCorporate Governance together with a certificate obtained from M/s. GMJ & AssociatesPracticing Company Secretaries confirming compliance forms part of this Annual Report.

30. Auditors

a) Statutory Auditors

At the Annual General Meeting of the Company held on July 29 2017 M/s. SGN & Co.(Formerly Known as M/s. Shreyans S Jain and Associates) Chartered Accountants (FRN No.134565W) were appointed as Statutory Auditors of the Company for five consecutivefinancial year. The Auditors have confirmed that they are not disqualified from continuingas Auditors of the Company.

b) Secretarial Auditor and Secretarial Audit Report

The Board has appointed M/s. GMJ & Associates Practicing Company Secretaries tocarry out Secretarial Audit under the provisions of Section 204 of the Companies Act 2013for the Financial Year 2018- 19. The Report of Secretarial Auditor is annexed to thisreport as Annexure VI. The report does not contain any qualification.

The Board in its meeting held on 25th May 2019 has appointed Ms. Nirali Mehta CompanySecretary as the Secretarial Auditor for the Financial year 2019-20.

c) Internal Auditors

The Board has appointed M/s Maximus Management Advisory Services Private Limited asinternal auditors of the Company for the Financial Year 2018-19.

For the year 2019-20 the Board in its meeting held on 09th August 2019 hasre-appointed M/s Maximus Management Advisory Services Private Limited as Internal Auditor.

d) Cost Auditors

At the Board meeting of the Company held on 25th May 2019 on the recommendation ofAudit Committee the Board has appointed M/s Dilip M Malkar & Co. Firm Registraton No:101222 for the FinancialYear 2019-20.

The remuneration payable to the Cost Auditor for Financial Year 2019-20 is required tobe placed before the members in General Meeting for ratification. Accordingly aresolution for the remuneration of said cost auditor is included in the AGM notice of theCompany vide item no. 9 annexed to this annual report.

31. 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 Meeting' respectivelyhave been duly followed by the Company.

32. Other Disclosures/Reporting:

Your Directors further state that during the year under review:

a) no amount was transferred to General Reserve;

b) there was no change in nature of Business;

c) there was change in Authorised Share Capital of the Company from Rs. 41.50 Crores toRs. 148.50 Crores on account of Amalgamation of Oriental Containers Limited and ShinraiAuto Services Limited with the Company;

d) the Company has not taken any deposits from Public or Members of the Company;

e) there were no significant / material orders passed by the Regulators or Courts orTribunals impacting going concern status of your Company and its operations in future;

f) there were no other material changes and commitments affecting the financialposition of the Company which have occurred between the end of the financial year of theCompany to which this financial statements relate and the date of this Report;

g) there are no qualifications reservation or adverse remark or disclaimer made by theStatutory Auditors in their Report;

h) there are no qualifications reservation or adverse remark or disclaimer made by theSecretarial Auditors in their Report;

i) the Company has not issued equity shares with differential rights as to dividendvoting or otherwise and

j) the Company has not issued any sweat equity shares to its employees.

33. Personnel

Your Company continued to enjoy cordial relations with its employees at all locations.Your Directors take this opportunity to record their appreciation for the significantoutstanding contribution made by the employees at all levels.

34. Acknowledgement

Your Directors express their deep gratitude for the cooperation and support extended tothe Company by its Members Customers Suppliers Bankers and various Government agencies.

For and on behalf of the Board

Rajendra Somani B.K. Toshniwal
Managing Director Executive Director
(DIN: 00332465) (DIN: 00048019)
Place: Mumbai
Date: 09th August 2019

Annexure-I

Form AOC-1

(Pursuant to first proviso to sub-section (3) of section 129 read with Rule 5 ofCompanies (Accounts) Rules 2014) Statement containing salient features of the FinancialStatement of Subsidiaries/Associate Companies/ Joint Ventures Part “A”:Subsidiaries

(Rs. in Lakhs)
1 CIN No. U45209MH2004PTC147461 U25209MH2017PLC299288 U35110MH1952PLC009445
2 Name of Subsidiary Reay Road Iron & Metal Warehousing Private Limited Oriental Containers Ltd. (Formerly Known as Pelliconi Oriental Limited) United Shippers Ltd.
3 Reporting period for the Subsidiary Concerned if different from Holding Company's reporting period.
4 Reporting Currency and Exchange rate as on the last date of the relevant Financial Year in the case of Foreign Subsidiaries.
5 Share Capital 1.00 5.00 461.87
6 Reserves & Surplus (118.87) (0.53) 45587.95
7 Total Assets 2077.01 4.53 68132.72
8 Total Liabilities 2194.88 0.06 22082.90
9 Investments - - 30310.76
10 Turnover (Gross) 210.00 - 50170.05
11 Profit Before Taxation (22.78) - 987.37
12 Provision for Taxation (0.20) - (141.22)
13 Profit After Taxation (22.58) (0.04) 1128.59
14 Proposed Dividend - - -
15 % of Shareholding 100.00% 80.00% 64.29%

Part “B”: Associates and Joint Ventures

Name of Associates/ Joint Ventures M/s. Claridge Energy LLP
1. Latest Audited Balance Sheet Date 31st March 2019
2. Shares of Associates/Joint Ventures held by the Company on the year end
No. -
Amount of Investment in Associates/Joint Venture 50.00 lakhs
Extent of Holding % 50%
3. Description of how there is significant influence The Company has invested as a partner in the LLP 50% of the Capital in the Claridge Energy LLP and appointed Mr. Adarsh Somani Designated Partner as a Nominee on behalf of the Company.
4. Reason why the Associate/Joint Venture is not consolidated Not Applicable
5. Networth attributable to Shareholding as per latest audited Balance Sheet (89.67)
6. Profit/Loss for the year (2.26)
i) Considered in Consolidation (1.13)
ii) Not Considered in Consolidation (1.13)

1. Names of Associates or Joint Ventures which are yet to commence operations - NotApplicable

2. Names of Associates or Joint Ventures which have been liquidated or sold during theyear - Not Applicable

For and on behalf of the Board

Rajendra Somani B.K. Toshniwal
Managing Director Executive Director
(DIN: 00332465) (DIN: 00048019)
Place: Mumbai
Date: 09th August 2019