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Twin Roses Trades & Agencies Ltd.

BSE: 512117 Sector: Others
NSE: N.A. ISIN Code: INE436U01016
BSE 05:30 | 01 Jan Twin Roses Trades & Agencies Ltd
NSE 05:30 | 01 Jan Twin Roses Trades & Agencies Ltd

Twin Roses Trades & Agencies Ltd. (TWINROSESTRADE) - Director Report

Company director report

To the Members

Your Directors hereby present their Thirtieth Annual Report together with the AuditedFinancial Statements of the Company for the financial year ended on 31st March2015.

Financial summary:

Particulars Current Year Previous Year
(Rs.) (Rs.)
Income 2769835 1416654
Expenses 217471 86497
Profit / (Loss) before Tax 2552364 1330157
Tax 854327 439971
Profit / (Loss) After Tax 1698037 890186

Working and State of Company’s Affairs:

During the year under review your Company earned net profit of Rs. 1698037/- afterincurring necessary expenditure and providing for tax. Your Directors continue theirefforts to improve the working of the Company.

There is no change in the nature of business of the company.

Reserves:

In order to conserve the resources there is no transfer of profits to reserves duringthe year. Dividend:

Your Directors have not recommended any dividend on Equity Shares for the year underreview.

Material changes and commitments affecting the financial position of the company whichhave occurred between the end of the financial year and the date of the report:

There are no material changes and commitments occurred after the close of the financialyear till the date of this report which affect the financial position of the Company.

Subsidiaries Associates and Joint Ventures:

The Company has no subsidiary associate and joint venture companies.

The Company has no holding company or subsidiary company hence the provisions ofSection 197(14) relating to receipt of remuneration or commission by the Whole timeDirector from holding company or subsidiary company of the Company are not applicable tothe Company.

As the Company did not have any subsidiary during the year the reporting requirementsunder Rules 6 8(1) and 8(5)(iv) of the Companies (Accounts) Rules 2014 are notapplicable to the Company.

Report on the performance and financial position of Subsidiary associates and JointVenture companies:

The Company has no subsidiary associate and joint venture companies and thereforereport on the performance and financial position of such companies is not given.

Directors' Responsibility Statement:

Your Directors state that-

(a) In the preparation of the annual accounts for the year ended 31st March2015 the applicable accounting standards read with requirements set out under ScheduleIII to the Act have been followed and there are no material departures from the same;

(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 31st March 2015 and ofthe profit of the Company 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 Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

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

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

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

Contracts and arrangements with Related Parties

There were no contracts / arrangements / transactions with related parties which are tobe reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of theAct and Rule 8(2) of the Companies (Accounts) Rules 2014. *

Details in respect of adequacy of internal financial controls with reference to theFinancial Statements:

The Company has in place adequate internal financial controls with reference tofinancial statements. During the year such controls were tested and no reportablematerial weakness in the design or operation was observed.

Extract of Annual Return:

Extract of Annual Return is annexed herewith as Annexure ‘A’ to this Report.

Meetings of the Board:

During the year 13 Board Meetings were held on 30.04.2014 30.05.201430.07.201430.08.2014 02.09.2014 12.09.2014 30.09.2014 30.10.2014 05.11.201408.01.201529.01.2015 26.03.2015 and 31.03.2015.

Details of attendance of Directors at the meetings of the Board are as below:

Attendance Particulars

Name of Director

Number of Board Meetings

Held during Tenure Attended
Shri Hitesh Vora 13 13
Shri Joykrishna Dalia 13 13
Shri Udaykumar Damani 13 13
Shri Rajeev Mittal 1 1
Ms. Lopamudra Dixit 1 1

The Audit Committee and the Nomination and Remuneration Committee of the Board we reconstituted on 31st March 2015 and no meetings of the said committees wereheld during the year ended 31st March 2015.

Particulars of Loans Guarantees or Investments under Section 186:

The Company has not given any loans or made any investments or provided any guaranteesor security during the year under review.

Net worth

The net worth of the Company as on 31st March 2015 was Rs. 30936452/-(Rs. 29238415 as on 31st March 2014).

Directors and Key Managerial Personnel:

In accordance with the provisions of the Companies Act 2013 ("the Act") andthe Articles of Association of the Company Shri Hitesh Vora (DIN : 00288343) Director ofthe Company retires by rotation at the ensuing Annual General Meeting and being eligiblehas offered himself for re-appointment.

Pursuant to the provisions of Section 161(1) of the Act and the Articles of Associationof the Company Shri Rajeev Mittal (DIN: 01690677) was appointed as a Director designatedas an Independent with effect from 31st March 2015 and he holds office up tothe date of the ensuing Annual General Meeting. The Company has received requisite noticealong with necessary deposit in writing from a member proposing the candidature of ShriRajeev Mittal tor appointment as an Independent Director not liable to retire byrotation.

Pursuant to the provisions of Section 161(1) of the Act and the Articles of Associationof the Company Ms. Lopamudra Dixit (DIN: 02299572) was appointed as an AdditionalDirector designated as an Independent and Woman Director with effect from 31stMarch 2015 and she holds office up to the date of the ensuing Annual General Meeting. TheCompany has received requisite notice in writing along with necessary deposit from amember proposing the candidature of Ms. Lopamudra Dixit for appointment as an Independentand Woman Director not liable to retire by rotation.

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed under the Act.

The Company has devised a Policy for performance evaluation of Directors BoardCommittees and other individual Directors.

As per the best practices prevalent in the industry and on the basis of the abovementioned Policy for performance evaluation of Directors Board Committees and otherindividual Directors a process of evaluation was followed by the Board for its ownperformance and that of its Committees and individual Directors.

The following policies of the Company are annexed herewith marked as Annexure‘B1’ and Annexure ‘B2’:

a) Policy for selection of Directors and determining Directors independence; and

b) Remuneration Policy for Directors Key Managerial Personnel and other employees

During the year under review Shri Shrivallabh Goyal resigned as Company Secretary ofthe Company w.e.f. 31st March 2015. Shri Mukesh Shah was appointed as theChief Financial Officer w.e.f. 31st March 2015. Shri Rajendra Khona wasappointed as Manager of the Company w.e.f. 31st March 2015.

Auditors and Auditors’ Report:

M/s N B Thakore & Co. Chartered Accountants Statutory Auditors of the Companyhaving Registration No. 110929W hold office till the conclusion of the ensuing AnnualGeneral Meeting and are eligible for re-appointment. They have confirmed their eligibilityto the effect that their re-appointment if made would be within the prescribed limitsunder the Act and that they are not disqualified for re-appointment.

The Auditors’ Report does not contain any qualification reservation or adverseremark.

Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo:

The particulars relating to conservation of energy technology absorption and foreignexchange earnings and outgo required to be furnished pursuant to Section 134(3) (m) ofthe Companies Act 2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 areas under:

i. Part A and B of the Rules pertaining to conservation of energy and technologyabsorption are not applicable to the Company.

ii. Foreign Exchange Earnings and Outgo:

Foreign Exchange Earned - Nil

Foreign Exchange Used - Nil

Risk Management:

During the year considering the nature of business being carried on by the Companythe Board of Directors identified the elements of risk that may likely to affect thebusiness of the Company and formulated a risk management policy and implemented the same.The Board of Directors itself would periodically evaluate monitor and review the riskfor an effective control and mitigation of risk.

Secretarial Auditor

The Board has appointed Ms. Rakhi Kabra a Practising Company Secretary to conductSecretarial Audit for the financial year 2014-15. The Secretarial Audit Report for thefinancial year ended 31st March 2015 is annexed herewith marked as Annexure‘C’ to this Report. The Secretarial Audit Report does not contain anyqualification reservation or adverse remark.

Disclosures:

Audit Committee

The Audit Committee comprises Shri Udaykumar Damani - Chairman Ms. Lopamudra DixitIndependent Director Shri Rajeev Mittal Independent Director and Shri Hitesh Vora. Allthe recommendations made by the Audit Committee were accepted by the Board.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee comprises Ms. Lopamudra Dixit (Chairman)Shri Rajeev Mittal Independent Director Shri Hitesh Vora and Shri Udaykumar Damani. Allthe recommendations made by the Committee were accepted by the Board.

Corporate Social Responsibility:

The provisions of Section 135 of the Act are not applicable to Company and hence nocommittee is constituted and the Company has not spend any amount on Corporate SocialResponsibility.

Vigil Mechanism

The Company has established a Vigil Mechanism/ Whistle Blower Policy for Directors andemployees to report genuine concerns or grievances including unethical behaviour fraud orviolation of the Company’s Code of Conduct. The authority for the implementation ofthe policy rests with the Board of Directors.

Particulars of Employees and related disclosures

The Company has not paid any remuneration attracting the provisions of Section 197(12)of the Companies Act 2013 read with Rule 5(2) and (3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014. Hence no information is required to beappended to this report in this regard.

Further the disclosure in the Board Report under Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is as per Annexure‘D’ and forms part of this Report.

General

Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Details of deposits which are not in compliance with the requirements of Chapter Vof the Act

3. Issue of equity shares with differential rights as to dividend voting or otherwise.

4. Issue of shares (including sweat equity shares) to employees of the Company underany scheme.

5. Re-appointment of Independent Director by passing a Special Resolution.

6. To appoint a Cost Auditor.

7. Details of significant or material orders passed by the Regulators or Courts orTribunals impacting the going concern status and Company’s operations in future.

Your Directors further state that during the year under review there were no casesfiled pursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013.

Acknowledgement

Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the banks Government authorities and members during the yearunder review.

For and on behalf of the Board of Directors

Place: Mumbai U C Damani H M Vora
Dated: 04.09.2015 Director Director
DIN: 00094367 DIN:00288343

Policy for Selection of Directors and determining Directors' independence

1. Introduction:

1.1 The Company believes that an enlightened Board consciously creates a culture ofleadership to provide a long-term policy approach to improve the quality of governance.Towards this the Company ensures constitution of a Board of Directors with an appropriatecomposition size diversified expertise and experience and commitment to discharge theirresponsibilities and duties effectively.

1.2 The Company recognizes the importance of Independent Directors in achieving theeffectiveness of the Board. It aims to have an optimum combination of ExecutiveNonExecutive and Independent Directors.

2. Scope and purpose:

2.1 This Policy sets out the guiding principles for the Nomination and RemunerationCommittee for identifying persons who are qualified to become Directors and to determinethe independence of Directors in case of their appointment as independent directors ofthe Company.

3. Terms and References:

In this Policy the following terms shall have the following meanings:

3.1 "Director" means a director appointed to the Board of the company.

3.2 "Nomination and Remuneration Committee" means the committee constitutedby the Company’s Board in accordance with the provisions of Section 178 of theCompanies Act 2013.

3.3 "Independent Director" means a director referred to in sub-section (6) ofSection 149 of the Companies Act 2013.

4 Policy:

4.1 Qualifications and criteria

4.1.1 The Nomination and Remuneration Committee (NRC) and the Board shall review on anannual basis appropriate skills knowledge and experience required of the Board as awhole and its individual members. The objective is to have a Board with diverse backgroundand experience that are relevant for the Company's operations.

4.1.2ln evaluating the suitability of individual Board members the NRC may take intoaccount factors such as:

• General understanding of the Company's business dynamics business and socialperspective;

• Educational and professional background;

• Standing in the profession;

• Personal and professional ethics integrity and values;

• Willingness to devote sufficient time and energy in carrying out their dutiesand responsibilities effectively.

4.13The proposed appointee shall also fulfill the following requirements:

• Shall possess a Director Identification Number;

• Shall not be disqualified under the Companies Act 2013;

• Shall give his written consent to act as a Director;

• Shall endeavor to attend all Board Meetings and wherever he is appointed as aCommittee Member the Committee Meetings;

• Shall disclose his concern or interest in any company or companies or bodiescorporate firms or other association of individuals including his shareholding at thefirst meeting of the Board in every financial year and thereafter whenever there is achange in the disclosures already made;

• Such other requirements as may be prescribed from time to time under theCompanies Act 2013 Equity Listing Agreements and other relevant laws.

4.1.4 The NRC shall evaluate each individual with the objective of having a group thatbest enables the success of the Company’s business.

4.2 Criteria of Independence

4.2.1 The NRC shall assess the independence of Directors at the time of appointment /re-appointment and the Board shall assess the same annually. The Board shall re-assessdeterminations of independence when any new interests or relationships are disclosed by aDirector.

4.2.2 The criteria of independence as laid down in Companies Act 2013 is as below:

An independent director in relation to a company means a director other than amanaging director or a whole-time director or a nominee director

a. who in the opinion of the Board is a person of integrity and possesses relevantexpertise and experience;

b. (i) who is or was not a promoter of the company or its holding subsidiary orassociate company;

(ii) who is not related to promoters or directors in the company its holdingsubsidiary or associate company;

c. who has or had no pecuniary relationship with the company its holding subsidiaryor associate company or their promoters or directors during the two immediatelypreceding financial years or during the current financial year;

d. none of whose relatives has or had pecuniary relationship or transaction with thecompany its holding subsidiary or associate company or their promoters or directorsamounting to two per cent or more of its gross turnover or total income or fifty lakhrupees or such higher amount as may be prescribed whichever is lower during the twoimmediately preceding financial years or during the current financial year;

e. who neither himself nor any of his relatives-

(i) holds or has held the position of a key managerial personnel or is or has beenemployee of the company or its holding subsidiary or associate company in any of thethree financial years immediately preceding the financial year in which he is proposed tobe appointed;

(ii) is or has been an employee or proprietor or a partner in any of the threefinancial years immediately preceding the financial year in which he is proposed to beappointed of-

(A) a firm of auditors or company secretaries in practice or cost auditors of thecompany or its holding subsidiary or associate company; or

(B) any legal or a consulting firm that has or had any transaction with the companyits holding subsidiary or associate company amounting to ten per cent or more of thegross turnover of such firm;

(iii) holds together with his relatives two per cent or more of the total voting powerof the company; or

(iv) is a Chief Executive or director by whatever name called of any non-profitorganization that receives twenty-five per cent or more of its receipts from the companyany of its promoters directors or its holding subsidiary or associate company or thatholds two per cent or more of the total voting power of the company; or

(v) is a material supplier service provider or customer or a lessor or lessee of thecompany.

f. shall possess appropriate skills experience and knowledge in one or more fields offinance law management sales marketing administration research corporategovernance technical operations corporate social responsibility or other disciplinesrelated to the Company’s business.

g. shall possess such other qualifications as may be prescribed from time to timeunder the Companies Act 2013.

h. who is not less than 21 years of age.

4.2.3 The Independent Directors shall abide by the "Code for IndependentDirectors" as specified in Schedule IV to the Companies Act 2013.

4.3 Other directorships / committee memberships:

4.3.1 The Board members are expected to have adequate time and expertise and experienceto contribute to effective Board performance. Accordingly members should voluntarilylimit their directorships in other listed public limited companies in such a way that itdoes not interfere with their role as directors of the Company. The NRC shall take intoaccount the nature of and the time involved in a Director’s service on other Boardsin evaluating the suitability of the individual Director and making its recommendations tothe Board.

4.3.2 A Director shall not serve as Director in more than 20 companies of which notmore than 10 shall be Public Limited Companies.

4.3.3 A Director shall not serve as ah Independent Director in more than 7 ListedCompanies and not more than 3 Listed Companies in case he is serving as a Whole-timeDirector in any Listed Company.

4.3.4 A Director shall not be a member in more than 10 Committees or act as Chairman ofmore than 5 Committees across all companies in which he holds directorships.

For the purpose of considering the above limit of the Committees Audit Committee andStakeholders’ Relationship Committee of all Public Limited Companies whether listedor not shall be included and all other companies including Private Limited CompaniesForeign Companies and Companies under Section 8 of the Companies Act 2013 shall beexcluded.

Remuneration Policy for Directors Key Managerial Personnel and other employees

1. Introduction:

This Remuneration Policy (Policy) of Twin Roses Trades & Agencies Limited has beenformulated for its directors key managerial personnel and other employees keeping in viewthe following objectives:

1.1 Ensuring that the level and composition of remuneration is reasonable andsufficient to attract retain and motivate to run the company successfully.

1.2 Ensuring that relationship of remuneration to performance is clear and meets theperformance benchmarks.

1.3 Ensuring that remuneration involves a balance between fixed and incentive payreflecting short and long term performance objectives appropriate to the working of thecompany and its goals.

1.4 The Policy is in compliance with Section 178(3) and Section 178(4) of the CompaniesAct 2013.

2. Scope of policy:

The Policy applies to all directors key managerial personnel and other employees.

3. Terms and References:

In this Policy the following terms shall have the following meanings:

3.1 "Director" means a director appointed to the Board of the Company.

3.2 "Key Managerial Personal" means

(i) the Chief Executive Officer or the managing director or the manager;

(ii) the company secretary;

(iii) the whole-time director;

(iv) the Chief Financial Officer; and

(v) such other officer as may be prescribed under the Companies Act 2013.

3.3 "Nomination and Remuneration Committee" means the committee constitutedby Twin Roses Trades & Agencies Limited Board in accordance with the provisions ofSection 178 of the Companies Act 2013.

4. Policy:

4.1 Remuneration to Director and Key Managerial Personnel

4.1.1 The Board on the recommendation of the Nomination and Remuneration Committee

(NRC) shall review and approve the remuneration payable to the Directors of theCompany within the overall limits permissible under the Companies Act 2013.

4.1.2 The Board on the recommendation of the NRC shall also review and approve theremuneration payable to the other Key Managerial Personnel of the Company.

4.1.3 The remuneration structure of the Directors and other Key Managerial Personnelshall include the following components:

a. Total Fixed Cost: This includes base salary other allowances perquisites andretirement benefits.

b. Variable Cost: This includes incentives / performance bonus linked to Company andindividual performance.

c. The sum total of the Total Fixed Cost and Variable Cost is called the Cost toCompany in the remuneration package.

5. Remuneration to other employees

Employees shall be assigned grades according to their qualifications and workexperience competencies as well as their roles and responsibilities in the organization.Individual remuneration shall be determined within the appropriate grade and shall bebased on various factors such as job profile skill sets seniority experience andprevailing remuneration levels for equivalent jobs.

6. Remuneration is annually reviewed for the Directors Key Managerial Personnel andother employees who are eligible for compensation review keeping in view the remunerationobjectives.

SECRETARIAL AUDIT REPORT

For the Financial year ended 31st March 2015

[Pursuant to section 204(1) of the Companies Act 2013 and rule No. 9 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014]

The Members

Twin Roses Trades and Agencies Limited

We have conducted the secretarial audit of the compliance of applicable statutoryprovisions and the adherence to good corporate practices by Twin Roses Trades and AgenciesLimited

(hereinafter called "the Company"). Secretarial Audit was conducted in amanner that provided us a reasonable basis for evaluating the corporate conducts /statutory compliances and expressing our opinion thereon.

Based on our verification of the Company's books papers minutes books forms andreturns filed and other records maintained by the Company and also the information andrepresentations / submissions provided by the Company its officers agents and authorisedrepresentatives during the conduct of secretarial audit we hereby report that in ouropinion the Company has during the financial year ended 31st March ;2015complied with the statutory provisions listed hereunder and also that the Company hasproper Board processes and compliance mechanism in place to the extent in the manner andsubject to the reporting made hereinafter:

1. We have examined the books papers minute books forms and returns filed and otherrecords maintained by the Company for the financial year ended on 31st March2015 according to the provisions of:

i. The Companies Act 2013 (the Act) and the rules made thereunder;

ii. The Securities Contracts (Regulation) Act 1956 ('SCRA') and the rules madethereunder;

iii. The following Regulations and Guidelines prescribed under the Securities andExchange Board of India Act 1992 ('SEBI Act'):-

a) The Securities and Exchange Board of India (Prohibition of Insider Trading)Regulations 1992;

b) The Securities and Exchange Board of India (Substantial Acquisition of Shares andTakeovers) Regulations 2011;

2. Provisions of the following Regulations and Guidelines prescribed under theSecurities and Exchange Board of India Act 1992 ('SEBI Act') were not applicable to theCompany during the financial year under report:-

i. The Securities and Exchange Board of India (Employee Stock Option Scheme andEmployee Stock Purchase Scheme) Guidelines 1999;

ii. The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2009;

iii. The Securities and Exchange Board of India (Delisting of equity Shares)Regulations 2009; and

iv. The Securities and Exchange Board of India (Buy Back of Securities) Regulations1998;

v. The Securities and Exchange Board of India (Issue and Listing of Debt Securities)Regulations 2008;

vi. The Securities and Exchange Board of India (Registrars to an Issue and ShareTransfer Agents) Regulations 1993 regarding the Companies Act and dealing with client;

vii. The scripts of the company are traded and settled only in physical mode- thus ithas not dematerialized its shares and accordingly provision related to Depositories Act1996 and Regulations and Bye-laws framed there under and the Securities and Exchange Boardof India (Registrars to an Issue and Share Transfer Agents) Regulations 1993 are notapplicable to the Company.

viii. Foreign Exchange Management Act 1999 and the rules and regulations made thereunder;

ix. Clause 49 of the Listing Agreement as companies paid up capital being less thanRs.3 Crores and net worth being less than Rs.25 Crores.

We have also examined compliance with the applicable clauses of the following:

i. Secretarial Standards issued by The Institute of Company Secretaries of India.

ii. The Listing Agreement entered into by the Company with Bombay Stock ExchangeLimited;

We further report that:

The Board of Directors of the Company is duly constituted with proper balance ofExecutive Directors Non-Executive Directors and Independent Directors. The changes in thecomposition of the Board of Directors that took place during the year under review werecarried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings agenda anddetailed notes on agenda were sent at least seven days in advance and a system exists forseeking and obtaining further information and clarifications on the agenda items beforethe meeting and for meaningful participation at the meeting.

Majority decision is carried through which are captured and recorded as part of theminutes. During our Audit we have found that the company is generally regular in complyingwith various statutory compliances.

We further report that there are adequate systems and processes in the Companycommensurate with the size and operations of the Company to monitor and ensure compliancewith applicable laws rules regulations and guidelines.

Company Secretaries
Place: Mumbai ACS No.: 28351
Date: 28th May 2015 CP No.: 13698

Disclosure under Rule 5 of the Companies (Appointment and remuneration of ManagerialPersonnel) Rules 2014.

Sr.No.

Particulars

1 Details of remuneration of each Director/Company Secretary in 2014-15 Director / Company Secretary % increase over previous year Ratio to median remuneration
Directors
Shri Hitesh Vora Nil Nil
Shri Udaykumar Damani Nil Nil
Shri Joykrishna Dalia Nil Nil
Shri Rajeev Mittal (Appointed w.e.f. 31.03.2015) Nil Nil
Ms. Lopamudra Dixit (Appointed w.e.f. 31.03.2015) Nil Nil
Company Secretary
Shri Shrivallabh Goyal (Up to 31.03.2015) Nil Nil
2

Employees with remuneration more than Rs. 60 lakhs per annum

The Company has not paid remuneration more than Rs.60 lakhs per annum to any of its Directors or Key Managerial Personnel.
3 Number of permanent employees on the rolls of the Company: As on 31.03.2015 Nil

As on 31.03.2014 Nil

4 Percentage increase in the median remuneration of employees in the financial year 2014-15

Nil

5 Relationship between average increase in remuneration and the Company performance The Company has not paid remuneration to its Directors or Key Managerial Personnel

 

6 Remuneration of Key managerial Personnel Nil
7 Market Price and Price Earnings ratio Market Price - Rs.3.67/-
Price Earnings Ratio - Rs.13.16/-
8 Comparison of the Market Price as on 31st March 2015 with the Issue Price at the last Public Offer: Rs.10/- Issue Price - Rs.10/-
Market Price as on 31st March 2015 - Rs.3.67/-
9 Average percentage increase in salaries of Employees other than Executive Directors during 2014-15 Nil
10 Key parameters for any variable component of remuneration availed by the Directors Nil