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Orient Electric Ltd.

BSE: 541301 Sector: Consumer
NSE: ORIENTELEC ISIN Code: INE142Z01019
BSE 12:36 | 20 Feb 126.60 -2.40
(-1.86%)
OPEN

130.15

HIGH

130.15

LOW

126.40

NSE 12:24 | 20 Feb 126.20 -2.60
(-2.02%)
OPEN

129.90

HIGH

130.00

LOW

126.20

OPEN 130.15
PREVIOUS CLOSE 129.00
VOLUME 932
52-Week high 177.00
52-Week low 108.00
P/E 34.59
Mkt Cap.(Rs cr) 2,686
Buy Price 126.45
Buy Qty 53.00
Sell Price 127.15
Sell Qty 25.00
OPEN 130.15
CLOSE 129.00
VOLUME 932
52-Week high 177.00
52-Week low 108.00
P/E 34.59
Mkt Cap.(Rs cr) 2,686
Buy Price 126.45
Buy Qty 53.00
Sell Price 127.15
Sell Qty 25.00

Orient Electric Ltd. (ORIENTELEC) - Director Report

Company director report

Dear Shareholders

Your Directors present their 1st Annua! Report along with AuditedAccounts of your Company for the year ended 31st March 2017.

Operations and Financial Results

The Company was incorporated on 10th October 2016 as a subsidiary ofOrient Paper & Industries Limited (OPIL) for the purpose of transfer of OPIL'sConsumer Electric Business w.e.f. 1st March 2017 as per the Scheme of Arrangement betweenthe Company and OPIL.

The Company has not yet started any business activities.

OPIL the holding company has incurred certain professional &consultancy expenses and other miscellaneous expenses towards the incorporation of theCompany and in terms of the scheme of arrangement the said expenses are reimbursable tothe holding company.

During the period under review the Company has earned total Rs.5894/- from interest on bank deposits. Total expenses incurred were Rs. 8750713/-. Lossfor the period was (-) Rs. 8744819/- and since this being the first financial year ofthe Company the previous year figures have not been given.

No dividend has been recommended and no amount has been transferred toany reserve during the period under review.

Share Capital

The Authorised Issued and Paid up share capital of the Company was Rs.500000 divided into 500000 equity shares of Rs. 1 each. There was no change in the sharecapital of the Company during the financial year 2016-17 since incorporation.

Directors

Mr. P K Sonthalia (DIN: 00065464) Director of the Company retires byrotation at this Annual General Meeting and is eligible for re-appointment.

The Board of Directors of vour Company consists of 3 Directors andthere has been no. change in

its composition since inception.

Particulars of Employees

There was no employee in the Company during the period under review.Hence disclosure under Rule 5(2) of the Companies (Appointment of Managerial Personnel)Rules 2014 as amended has not been provided as the same is not applicable.

Subsidiary / Joint Ventures / Associates

Your Company does not have any subsidiary or associate or Joint Ventureas on 31st March 2017. Your Company is the wholly-owned subsidiary of OPIL.

Auditors

The Board of Directors has decided to appoint M/s. S. R. Batliboi &Co. LLP (Regn. No. 301003E/E300005) as the Statutory Auditors of the Company for a periodof five years commencing from the conclusion of the forthcoming Annual General Meetingsubject to ratification at each Annual General Meeting. The Auditors have confirmed theireligibility under Section 141 of the Companies Act 2013 and the rules framed there underfor appointment as Auditors of the Company.

Auditors' Report

The Auditors' Report does not contain any qualifications. The notes tothe accounts referred to in the Auditors' Report are self-explanatory and therefore donot call for any further comments of directors.

Conservation of Energy Technology Absorption Foreign ExchangeEarnings and Outgo

The Company is yet to commence any business activities and hence thedisclosure of particulars as required under Companies (Disclosure of Particulars in theReport of Board of Directors) Rules 1988 are currently not applicable to the company.

There were no foreign exchange earnings and outgo during the periodunder review.

Directors' Responsibility Statement Your Directors hereby state andconfirm that:

1. In the preparation of the Annual Accounts for the financial yearended 31st March 2017 the applicable accounting standards had been followed along withproper explanation relating to material departures:

2. The Directors had 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 at the end of thefinancial year and of the profit and loss of the Company for this period;

3. The Directors had taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of this Actfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

4. The Directors had prepared the Annual Accounts on a going concernbasis; and

5. The Directors had devised proper systems to ensure compliance withthe provisions of all applicable laws and that such systems were adequate and operatingeffectively.

The Board further noted that internal control on financial reportinghas been laid down and such internal controls are adequate and operating effectively.

Considering that the Company is yet to commence any operationalactivities the Board noted that there was adequate Risk Management Systems and wasoperating effectively.

The Company has not entered into any transaction with any of itsrelated party so as to attract the provisions of the Companies Act 2013.

The Company has not given any loan guarantee or made any investmentduring the financial year ended 31st March 2017 since incorporation.

During the year the Company has not received any complaint in terms ofthe provisions of Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013.

Deposits

The Company has not accepted any deposit from public falling within theambit of Section 73 of the Companies Act 2013 and the Company's (Acceptance of Deposits)Rules 2014.

Board Meeting

Four Meetings of the Board of Directors were held during the year ended31st March 2017 i.e. on 12.10.2016 17.10.2016 and 27.01.2017.

Extract of Annual Return

An extract of Annual Return in Form MGT 9 is annexed hereto.

Significant and Material Orders Passed by the Regulators or Courts

There are no significant material orders passed by theregulators/courts which would impact the going concern status of the Company and itsfuture operation.

Material changes and commitments if any affecting the financialposition of the company which have occurred between the end of the financial year of thecompany to which the financial statements relate and the date of the report

There were no material changes and commitments affecting the financialposition of the Company occurring between March 312017 and the date of this Report of theDirectors.

For and on behalf of the Board of Directors

(P K Sonthalia)

(M L Pachisia)

Director (DIN: 00065464)

Director (DIN: 00065431)

Kolkata 27th June 2017